Sasken Communication Technology rose 0.81% to Rs 149.45 at 10:12 IST on BSE, after the company acquired the multimedia software offerings and certain assets of US-based Ingenient Technologies for an undisclosed amount.
The company made this announcement after market hours on Tuesday, 27 October 2009.
Meanwhile, the BSE Sensex was down 113.28 points, or 0.69%, to 16,240.12.
On BSE, 7,938 shares were traded in the counter as against an average daily volume of 4.99 lakh shares in the past one quarter.
The stock hit a high of Rs 150.25 and a low of Rs 147 so far during the day. The stock had hit a 52-week high of Rs 184.90 on 19 August 2009 and a 52-week low of Rs 41 on 16 January 2009.
The small-cap stock had underperformed the market over the past one month till 27 October 2009, falling 7.75% as compared to the Sensex's 2.03% fall. It had outperformed the market in the past one quarter, rising 30.22% as compared to the Sensex's return of 6.36%.
The company's equity capital is Rs 27.11 crore. Face value per share is Rs 10.
The current price of Rs 149.45 discounts the company's Q1 June 2009 annualized EPS of Rs 24.96, by a PE multiple of 5.99.
Under the deal, Bangalore-based Sasken will get some of Ingenient's customer contracts and its engineering and sales teams, including those in Korea and Japan. The deal is effective immediately.
Sasken Communication Technology's net profit galloped 1020.53% to Rs 16.92 crore on 20.28% fall in net sales to Rs 95.64 crore in Q1 June 2009 over Q4 March 2009. The company will declared its Q2 September 2009 results today, 28 October 2009.
The company provides telecommunication software services and solutions. The group operates in three segments, software services, software products and network engineering services.