Financial Daily from THE HINDU group of publications
Tuesday, Feb 18, 2003
Financial Daily from THE HINDU group of publications Tuesday, Feb 18, 2003 |
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Markets
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Stock Markets Info-Tech - Stocks Hexaware shines ahead of results Our Bureau
KOLKATA, Feb. 17 THE Hexaware Technologies stock today saw a sharp jump in price in anticipation of improved results for the quarter ended December 2002 on the major bourses. Interestingly, the December quarter results, which came in after the market hours, showed that the net profit increased by a whopping 217-per cent quarter-on-quarter. According to brokers and analysts, the operator-driven stock has been seeing a high degree of volatility in the last couple of weeks. The stock, after touching a day's high at Rs 133.90, today closed at Rs 133.05 against the previous closing of Rs 121.80 on the Bombay Stock Exchange. On the National Stock Exchange, the stock closed at Rs 133.75 (Rs 122). The counter recorded a volume of 25.46 lakh shares on the BSE and 83.27 lakh shares on the NSE. The traded quantity in the counter has also witnessed growth in the past fortnight. The Hexaware stock, since January 27, has fluctuated between Rs 112.05 and Rs 142 on the BSE. In January, its high was Rs 161.70 (the 52-week high is Rs 162) and the low was Rs 109.50. "The company has clearly improved its fundamentals. In the last week, it had announced a long-term strategic tie-up with Temenos, a leader in the banking products and software systems. The alliance would bring together the competence of Temenos in product development and Hexaware in implementation and support services to banking, financial and insurance sectors," Mr Ketan Thacker of Anagram Stockbroking pointed out. "At the current market price, the stock is trading at 39.6 times its financial year 2002 earnings per share. The valuation at the current level has factored in future earnings growth also," he observed.
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