Polaris Financial Technology trades higher on the bourses

05 Jun 2013

Polaris Financial Technology is currently trading at Rs. 120.15, up by 2.70 points or 2.30% from its previous closing of Rs. 117.45 on the BSE.

The scrip opened at Rs. 117.50 and has touched a high and low of Rs. 123.25 and Rs. 116.55 respectively. So far 177116 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 147.30 on 20-Sep-2012 and a 52 week low of Rs. 96.10 on 14-May-2013.

Last one week high and low of the scrip stood at Rs. 123.25 and Rs. 99.00 respectively. The current market cap of the company is Rs. 1211.50 crore.

The promoters holding in the company stood at 29.14% while Institutions and Non-Institutions held 29.66% and 41.21% respectively.

Cognizant is reportedly eyeing Polaris Financial Technology's software service division, which is valued at Rs 2121 crore in all cash deal. Polaris will retain products division. Nevertheless, the valuation will be based on spilt on products, service business.

Polaris’ software service division contributed to 70% of company’s revenue. The company’s net profit grew by 38.04% at Rs 59.06 crore for the quarter ended March 2013 as compared to Rs 42.78 crore of previous same quarter. Its revenue witnessed a 10.70% growth at Rs 472.97 crore for the quarter as compared to Rs 427.24 crore during the year-ago period.

Polaris is a full-spectrum Financial Technology major, using technology as an enabler to drive unprecedented operational productivity in Retail, Corporate and Investment Banking. Polaris services over 200 banks across the world, including 9 of the top 10 banks, with a comprehensive suite of products, services and consulting offerings.

 

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SEBI Registered: Investment Adviser - INA000013323

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