MphasiS fell 1.93% to Rs 416.10 at 11:06 IST on BSE on reports that Hewlett-Packard's decision to split its business could impact the Indian company's outsourcing business.
Meanwhile, the BSE Sensex was down 130.10 points, or 0.49%, to 26,437.89.
On BSE, so far 16,000 shares were traded in the counter, compared with an average volume of 28,992 shares in the past one quarter.
The stock hit a high of Rs 423 and a low of Rs 408.70 so far during the day. The stock hit a 52-week high of Rs 476.50 on 18 July 2014. The stock hit a 52-week low of Rs 365 on 4 February 2014.
The stock had underperformed the market over the past one month till 1 October 2014, falling 5.39% compared with 1.11% fall in the Sensex. The scrip had also underperformed the market in past one quarter, rising 1.14% as against Sensex's 4.12% rise.
The mid-cap company has an equity capital of Rs 210.16 crore. Face value per share is Rs 10.
On Monday, 6 October 2014, Hewlett-Packard (HP) announced plans to separate into two new publicly traded Fortune 50 companies: one comprising HP's market-leading enterprise technology infrastructure, software and services businesses, which will do business as Hewlett-Packard Enterprise, and one that will comprise HP's market-leading personal systems and printing businesses, which will do business as HP Inc. and retain the current logo.
As on 30 June 2014, HP owned 60.49% stake in MphasiS. HP is not only MphasiS' promoter, it is also its largest client. But the HP channel business has been on a decline. The revenue mix between the company's direct business and that sourced through HP has changed significantly to 64:36 in the quarter ended June 2014.
On a consolidated basis, MphasiS' net profit rose 43.18% to Rs 174.79 crore on 44.70% increase in net sales to Rs 1490.16 crore in the quarter ended June 2014 over the quarter ended March 2014.
MphasiS enables chosen customers to meet the demands of an evolving market place. Mphasis fuels this by combining superior human capital with cutting edge solutions in hyper-specialized areas.
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