India

Polaris Software acquires minority stake in Tyfone

Polaris Software Lab rose 2.43% to Rs 176.70 at 14:00 IST on BSE after the company said its subsidiary Polaris Software Lab Ireland has invested $5,00,000 for a minority 2.5% stake in Tyfone Inc., US.
The company made this announcement during market hours today, 23 August 2010.
Meanwhile, the BSE Sensex was up 12.18 points or 0.07% at 18,414.

On BSE, 79,906 shares were traded in the counter as against an average daily volume of 1.61 lakh shares in the past one quarter.
The mid-cap stock hit a high of Rs 176.90 and a low of Rs 172.15 so far during the day. The stock had hit 52-week high of Rs 215 on 13 July 2010 and a 52-week low of Rs 132.35 on 21 August 2009.
The software solutions provider has an equity capital of Rs 49.53 crore. Face value per share is Rs 5.
Polaris Software Lab’s consolidated net profit rose 2% to Rs 46.60 crore on 4.8% rise in operating revenue to Rs 367.96 crore in Q1 June 2010 over Q4 March 2010.
At the time of announcing the first quarter results, the Polaris Software management maintained its previous forecast EPS (earnings per share) growth of 30%-33% i.e. EPS of Rs 20.20-20.50, for the year ending March 2011 (FY 2011).

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