Financial Technologies (India) rose 2.31% to Rs 336 at 10:29 IST on BSE after a media report suggested that Tech Mahindra is keen on acquiring the company.
Meanwhile, the BSE Sensex was 61.51 points, points, or 0.30%, to 20,774.88.
On BSE, so far 6.24 lakh shares were traded in the counter, compared with an average volume of 8.91 lakh shares in the past one quarter.
The stock hit a high of Rs 339.40 and a low of Rs 325 so far during the day. The stock hit a 52-week high of Rs 1197.90 on 21 January 2013. The stock hit a 52-week low of Rs 102.05 on 30 August 2013.
The Financial Technologies (India) (FTIL) stock extended gains for the sixth consecutive session. Shares of FTIL have surged 80.74% in six sessions from a recent low of Rs 185.90 on 2 January 2014.
The stock had outperformed the market over the past one month till 9 January 2014, rising 105.44% compared with the Sensex's 2.87% fall. The scrip had also outperformed the market in past one quarter, rising 99.57% as against Sensex's 2.29% rise.
The small-cap company has an equity capital of Rs 9.22 crore. Face value per share is Rs 2.
According to the report, Tech Mahindra is keen on buying Jignesh Shah-controlled FTIL if Jignesh Shah is asked to sell his stake in FTIL as part of the National Spot Exchange (NSEL) scam proceedings. Tech Mahindra has reportedly initiated an evaluation of FTIL for a buyout possibility. Shares of Tech Mahindra were up 2.61% at Rs 1874.80.
The report added that Tech Mahindra wants to re-gain its strength in the Banking, Financial services and Insurance (BFSI) segment which had been hit hard in the Satyam portfolio. FT may provide enough traction in this vertical.
Jignesh Shah is currently the chairman of FTIL which owns and runs NSEL where a Rs 5600 crore payment crisis is being probed by multiple agencies.
FMC in its order dated 17 December 2013 said that FTIL, the promoter and anchor share-holder holding 26% of the paid-up capital of the commodity exchange MCX, is not 'fit and proper person' to continue to be a shareholder of 2% or more of the paid-up equity capital of MCX as prescribed under the guidelines issued by the Government of India (GoI) for capital structure of commodity exchanges post 5-years of operation.
The FMC order of 17 December also stated that Mr. Jignesh Shah, Ex- Director, Mr. Joseph Massey, Ex-Director and Mr. Shreekant Javalgekar, Ex-Managing Director & CEO of MCX, are not 'fit and proper person' in terms of the directions issued under the Board Composition Guidelines issued by the Commission and as amended from time to time.
FTIL's net profit fell 61.2% to Rs 27.02 crore on 12.8% decline in total income to Rs 128.93 crore in Q2 September 2013 over Q2 September 2012.
FTIL is among the global leaders in offering technology IP (Intellectual Property) and domain expertise to create and trade on next generation financial markets.
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