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Chennai-based IT products and solutions firm Polaris Financial Technology's stock price rose by almost 3.35% on the buzz that the company is in the final stages of selling its IT services business to IT major Tech Mahindra. Business Standard had reported on Monday, Tech Mahindra has reached the stage of due diligence, with the other contender L&T Infotech quitting the buy-out race.
The company's stock hit an intra-day high of Rs 120 per share, up 4.4% from the previous day's close of Rs 114.9 per share. The rise of 4.4% was one of the biggest gain for the company in almost a month.
Tech Mahindra which has been on a buying spree in the recent time, to fill up its gap in certain verticals, has been eyeing target that will increase its presence int he banking and finance segment. The company's share of revenue from banking and finance segment is just about 10%. The company has also recently announced that it has consummated the acquisition of the erstwhile fraud-ridden Satyam Computer Services, which it acquired in 2009.
Though the Tech Mahindra's stock rose in the initial tarding hours by almost one%, the share price dip later to Rs 1,117.3 down 0.44%.
