Hexaware Technologies was up 2.7% at Rs 229.50 at 12:34 IST on BSE on reports that Baring Private Equity Asia has initiated exclusive talks with Hong Kong-based PCCW to sell a majority stake in the IT firm.
On BSE, so far 1.71 lakh shares were traded in the counter as against average daily volume of 1.49 lakh shares in the past one quarter. The stock hit high of Rs 233.30 and low of Rs 226 so far during the trading session. The stock had hit 52-week high of Rs 298 on 5 August 2015. The stock had hit 52-week low of Rs 202.90 on 24 August 2015. The stock had underperformed the market over the past one month till 13 July 2016, gaining 3.88% compared with the Sensex's 5.37% rise. The scrip had also underperformed the market in past one quarter, declining 12.57% as against the Sensex's 8.54% rise.
The mid-cap company has equity capital of Rs 60.36 crore. Face value per share is Rs 2.
Baring Private Equity Asia holds controlling stake in Hexaware Technologies through HT Global Solutions Holdings. HT Global Solutions Holdings holds approximately 71.25% stake in Hexaware. Reports suggest that Baring had in January 2016 appointed an advisor to look for potential buyers for the software firm. Promoted by Richard Li, younger son of Hong Kong-based billionaire Li Ka-shing, PCCW has interests in telecommunications, media, IT solutions and property development. It is currently actively looking for acquisitions in India, according to reports.
Hexaware Technologies' consolidated net profit fell 15.26% to Rs 84.19 crore on 0.08% growth in net sales to Rs 820.21 crore in Q1 March 2016 over Q4 December 2015.
Hexaware Technologies provides IT outsourcing services. The company focuses on banking and financial Services, healthcare and insurance, travel and transportation and manufacturing & consumer verticals in the IT outsourcing services business.
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