Infinite Computer Solutions (India) jumped 11.14% to Rs 372 at 14:30 IST on BSE, with the stock extending surge triggered by the company scheduling a board meeting on 12 January 2018 to consider the proposal of voluntary delisting of equity shares.
The announcement was made during market hours yesterday, 9 January 2018. The stock was locked at 20% upper circuit at Rs 334.70 yesterday, 9 January 2018.Meanwhile, the BSE Sensex was down 23.32 points, or 0.07%, to 34,419.87. The S&P BSE Small-Cap index was down 34.45 points, or 0.17% to 19,876.72, underperforming the Sensex.
High volumes were witnessed on the counter. On the BSE, 2.46 lakh shares were traded in the counter so far, compared with average daily volumes of 10,461 shares in the past one quarter. The stock had hit a high of Rs 385.45 in intraday trade, which is also a record high for the stock. The stock had hit a low of Rs 340.05 so far during the day. The stock had hit a 52-week low of Rs 199.19 on 11 August 2017.
The stock had outperformed the market over the past one month till 9 January 2018, gaining 37.23% compared with 3.59% gains in the Sensex. The scrip had also outperformed the market in past one quarter, rising 59.21% as against Sensex's 8.15% rise. The scrip had also outperformed the market in past one year, advancing 44.9% as against Sensex's 28.87% rise.
The company has an equity capital of Rs 34.32 crore. Face value per share is Rs 10.
Infinite Computer Solutions (India) had said that the company has received a letter dated 8 January 2018 from Sanjay Govil, promoter representing the promoter & promoter group of company, expressing their intent to give an offer to the public shareholders of the company to acquire entire 83.44 lakh equity shares of the company held by public shareholders (representing 25.02% of the paid up equity capital of the company.
Currently, Sanjay Govil, along with M C Data Systems, IT Thinkers LLC, Mahiavik LLC & Infinite Technologies LLC collectively hold 2.5 crore equity shares representing 74.98% of the paid up equity capital of the company and are classified as promoter and promoter group of the company in all regulatory filings, it added.
On a consolidated basis, Infinite Computer Solutions (India)'s net profit rose 4.2% to Rs 28.30 crore on 2.17% decline in net sales to Rs 704.78 crore in Q2 September 2017 over Q1 June 2017.
Infinite Computer Solutions (India) provides technology based business process solutions, next-gen mobility solutions and product engineering services, specializing in the healthcare, banking & finance, telecommunications & technology and media & publishing industries.
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