Financial Technologies hardens on overseas acquisition

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SMS BOS < SPACE > MF, MUTUAL FUND QUERY AT 56388
COS GETTING FRESH FDI IN SECTORS WHERE FDI CAPS HAVE GONE UP: SOURCES
NEW NORMS TO CONSIDER TOTAL FOREIGN INVESTMENT NOT TOTAL INVESTMENT: SRCS
CCEA NOD NEEDED ONLY FOR INVESTMENTS OF RS.1200 CR AND ABOVE: SOURCES
GOVT TO EASE NORMS FOR FDI REQUIRING CABINET APPROVAL: SOURCES
NO PLANS TO OFFER HOME LOANS AT 8%: NW
OCTOBER UNEMPLOYMENT RATE RISES TO 10.2% VS 9.8% (MOM)
EMPLOYERS CUT PAYROLLS BY 190,000 IN OCTOBER VS ESTIMATE OF 175,000
FOREIGN FUNDS NET BUY RS.587.02 CR IN EQUITIES ON NOVEMBER 6 (PROVISIONAL)
DOMESTIC FUNDS NET BUY RS.236.62 CR IN EQUITIES ON NOVEMBER 6 (PROVISIONAL)
KINGFISHER RAISES FUEL SURCHARGE BY RS.200 ON SECTORS MORE THAN 1000 KM
KINGFISHER RAISES FUEL SURCHARGE BY RS.100 ON SECTORS UPTO 1000 KM
JET AIRWAYS RAISES FUEL SURCHARGE BY RS.100-150 ON SECTORS UPTO 1000 KM
NET PROFIT AT $455 MN VS LOSS OF $24.6 BN (YOY)
TOTAL REVENUES AT $26.05 BN VS $898 MN (YOY)
MUTUAL FUNDS NET BUY RS.34.3 CR IN EQUITIES ON NOVEMBER 5
FOREIGN FUNDS NET BUY RS.267.6 CR ($56.8 MN) IN EQUITIES ON NOVEMBER 5
OVER 7% GROWTH ACHIEVABLE IN FY'11
TO EXPLORE STIMULUS EXIT MODE NOW; WINDING DOWN STIMULUS TO CUT DEFICIT
SENSEX UP 1.65%, NIFTY UP 1.8% FOR THE WEEK
CNX MIDCAP INDEX UP 3.9%, BSE SMALLCAP INDEX UP 1.6%
BSE PSU INDEX UP 4.77%, REALTY UP 4.4%, METAL INDEX UP 4%
INDEX GAINERS: BHARTI UP 9.4%, JP ASSOCIATES UP 8.6%, IDFC UP 7%
GETS U.S. FDA NOD FOR GENERIC ACULAR
TO RAISE UPTO $300 MN VIA FCCBS
EXTENDING 8% HOME LOAN SCHEME TILL 31ST MARCH , 2010
INDIAN RAILWAYS SHOULD RATIONALISE PASSENGER FARES UPWARD
TO RAILWAYS: STOP CROSS SUBSIDISING FARES AND FREIGHTS
IMPOSES 20% SAFEGUARD DUTY ON IMPORT OF SODA ASH
ROAD DEFICIT REMAINS THE GREATEST PROBLEM IN INFRASTRUCTURE IN INDIA

Updated: 10/04/2008 | 12:00 AM IST

Software

Capital Market

Thursday, April 10, 2008 (New Delhi)

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The company made this announcement during trading hours today, 10 April 2008.

Meanwhile, the BSE Sensex was up 39.69 points, or 0.25%, to 15,830.20.

On BSE, 41,458 shares were traded in the counter. The scrip had an average daily volume of 29,360 shares in the past one quarter.

The stock hit a high of Rs 1739.35 and a low of Rs 1690 so far during the day. The stock had a 52-week high of Rs 3048 on 29 June 2007 and a 52-week low of Rs 1340 on 24 March 2008.

The mid-cap scrip had outperformed the market over the past one month till 9 April 2008, gaining 1.91% compared to the Sensex’s fall of 2.06%. It had underperformed the market in the past one quarter, declining 28.15% compared to Sensex’s decline of 23.28%.

In March 2008, Financial Technologies said foreign funds FMR LLC and FIL acquired a further 0.17% stake in the company to raise their total holdings to 10.13%.

The company’s current equity is Rs 9.18 crore. Face value per share is Rs 2.

The current price of Rs 1713 discounts its Q3 December 2007 EPS of Rs 469.46 by a PE multiple of 3.65.

ICX Platform owns IPR and corporate ownership of electronic warehouse receipts technology.

Financial Technologies India's net profit surged 58.63% to Rs 536.95 crore on 27.24% growth in net sales to Rs 39.38 crore in Q3 December 2007 over Q2 September 2007.

Financial Technologies develops software solutions used in online trading terminals. Multi Commodity Exchange of India (MCX), IBS Forex and Tickerplant Infovending are the subsidiaries of the company.