Infosys Net Rises, Tech Mahindra Acquires Swiss-based SOFGEN

Mukesh Buch
09 Jan, 2015
New York City

Infosys soared 5% after the second largest software services provider reported better-than-expected results and offered an improved outlook. ABB won a contract Rs 256 crore in Sri Lanka. NBCC secured an order worth Rs 1,237 crore in Odisha. Tech Mahindra acquire Geneva-based Sofgen Holdings.

[R]6:00 PM Mumbai – Infosys soared 5% after the second largest software services provider reported better-than-expected results and offered an improved outlook. ABB won a contract Rs 256 crore in Sri Lanka. NBCC secured an order worth Rs 1,237 crore in Odisha. Tech Mahindra acquire Geneva-based Sofgen Holdings.[/R]

Stocks in Mumbai gained for the second day in a row and rupee jumped 1.6% after foreign investors stepped up exposure to Indian equities.

Indian rupee eased to 62.40 against one dollar and gained from 63.65 at the close of previous week of trading after global funds added net $26.4 billion of Indian government and corporate bonds.

The Sensex Index advanced 183.67 or 0.7% to close at 27,458.38. The CNX Nifty gained 49.90 or 0.6% to 8,284.50.

For the week, Sensex declined 1.6% and CNX Nifty dropped 1.4%.

Yield on Indian government bonds due July 2024 fell 3 percentage points to 7.84%.

Gainers & Losers

8K Miles Software Services Ltd rose 2.9% to Rs 765.85 after the software company reported net in the third-quarter surged 29.95% to Rs 5.38 crore.

Net revenue soared 27.28% to Rs 34.47 crore.

ABB India Limited slipped 1.7% to Rs 1267.85 after the automation engineering company won Rs 256 crore contract to strengthen power infrastructure in Sri Lanka.

Infosys Limited climbed 5% to Rs 2,073.60 and the second largest software service provider said net in the third-quarter rose 4.97% to Rs 3,250 crore.

Total revenue advanced 3.40% to Rs 13,796 crore.

National Buildings Construction Corporation Limited increased 2.6% to Rs 827.10 after the real estate developer secured an order worth Rs 1,237 crore in Odisha.

SJVN Limited closed unchanged at Rs 25.15 after the hydroelectric power company signed a partnership agreement with sixth power generating company for coal mining project in West Bengal.

Tech Mahindra Limited jumped 4.4% to Rs 2,680.10 and the software service provider agreed to acquire Geneva-based Sofgen Holdings.

Founded in 1999, SOFGEN based in Geneva employs 450 people and provides custom solutions for private banking, retail banking and wealth management companies.

Tech Mahindra is looking to acquire companies to meet the company target to increase through acquisition. The company recently completed the purchase of U.S based Lightbridge Communications Corporation for an enterprise value of $240 million.

Videocon Industries Limited surged 19.9% to Rs 191.15 after the consumer product maker announced a new discovery of oil accumulation at an offshore field in Brazil.