Spanco Telesystems & Solutions jumped 11.06% to Rs 105.95 at 11:08 IST on BSE after the company bagged a contract worth Rs 70 crore from the Orissa government to roll out a wide area network across the state.
The company made this announcement after trading hours yesterday, 18 August 2008.
Meanwhile, BSE Sensex was down 112.80 points or 0.77% at 14,531.68 on weak global cues. US stocks sank on Monday, 18 August 2008, as the prospect of more losses from the mortgage crisis hurt the shares of banks and the two biggest home finance providers, pushing all three major indexes down about 1.5%.
On BSE, 32,302 shares were traded in the counter. The scrip had an average daily volume of 30,551 shares in the past one quarter.
The stock hit a high of Rs 114 and a low of Rs 101.70 so far during the day. The stock had a 52-week high of Rs 286 on 2 January 2008 and a 52-week low of Rs 86.05 on 16 July 2008.
The small-cap company had underperformed the market over the past one month till 14 August 2008, gaining 6.43% compared to the Sensex’s return of 10.45%. It underperformed the market in the past one quarter, sliding 37.39% compared to Sensex’s decline of 13.28%.
The company has an equity capital of Rs 20.65 crore. Face value per share is Rs 10.
The current price of Rs 105.95 discounts its Q1 June 2008 annualised EPS of Rs 9.86, by a PE multiple of 10.74.
Under the contract, Spanco Telesystems & Solutions along with state run ITI will build own and operate a state wide network connecting 30 districts and 284 talukas in the state of Orissa, before transferring it to the state government at the end of five years.
Spanco Telesystems & Solutions’ net profit fell 45% to Rs 5.09 on a 8.3% growth in net sales to Rs 110.59 crore in Q1 June 2008 over Q1 June 2007.
Spanco Telesystems has two main segments, viz. telecommunication and call centre-international.