Kpit Cummins Infosystems was locked at upper limit 5% to Rs 80.95 at 12:13 IST after the company signed a deal to acquire US-based Sparta Consulting Inc for $38 million.
The announcement was made during trading hours today, 30 October 2009.
Meanwhile, the BSE Sensex was up 159.14 points, or 0.99%, to 16211.86.
On BSE, 91,727 shares were traded in the counter as against an average daily volume of 1.93 lakh shares in the past one quarter.
The stock hit a low of Rs 79 so far during the day. The stock had hit a 52-week high of Rs 93.40 on 22 October 2009 and a 52-week low of Rs 20 on 11 February 2009.
The stock had outperformed the market over the past one month till 29 October 2009, by remaining unchanged as compared to the Sensex 4.75% fall. It outperformed the market in past one quarter, soaring 47.84% as against 5.79% rise in the Sensex.
The small-cap software firm has an equity capital of Rs 15.61 crore. Face value per share is Rs 2.
The current price of Rs 80.95 discounts the company's Q2 September 2009 annualised EPS of Rs 13.22, by a PE multiple of 6.12.
The money will be paid as milestones over 3-1/2 years to Sparta, which provides SAP solutions, KPIT said
Kpit Cummins Infosystems' net profit spurted 58.80% to Rs 25.80 crore on a 0.90% increase in sales to Rs 109.81 crore in Q2 September 2009 over Q1 June 2009.
KPIT Cummins Infosystems provides technology solutions to global clients across domains such as advanced technology solutions, diversified financial services, manufacturing, and business information technology.
Promoters have pledged 3.35 lakh shares representing 0.43% of the equity capital of the company. Total promoters shareholding in the company is 27.26% (as on September 2009).