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Tyche Peripheral Systems counter has become the target of accumulation of a group of value investors of late. The stock has gained by over 56 per cent in the past week's trading till the closing of today.

On the BSE on Thursday, some 3.54 lakh shares changed hands in the counter. The average fortnightly volume of the stock on the exchange stands at only 34,153 shares.

According to market sources and analysts, the company, which makes equipment such as electronic cash registrars, payment security devices and card swiping machines, is seeing quantum jump in demand for its products this fiscal. The main clients for this company, which is in the process of changing its name to "Tyche Automation Systems Ltd", are reportedly the banks, insurance companies and malls.

A company called Solectron Centum, which is in the same space, is fetching a price earnings ratio of around 25, while Tyche, till now largely unspotted, at its today's closing price of Rs 36.30 has a P/E of less than five, analysts pointed out.

The company is expected to increase its sales by 50 per cent this fiscal over the previous year.

"The annual maintenance contracts with its burgeoning client lists are likely to be an additional earning channel in the next few quarters as the guarantee period for the equipment already sold or installed expire," an industry insider said.

Market sources said a group of non-promoter investors has paid a price of Rs 30 recently for 4,50,000 shares of Rs 10 each on conversion of equity warrants allotted on preferential basis. The stock had closed at Rs 30.35 on Wednesday.

Jayanta Mallick

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