Infy buy benefits lesser known Axon Infotech, stock up 17%

MUMBAI: The acquisition of UK-based Axon Group by IT bellwether Infosys Technologies has proved to be beneficial for the shares of a lesser known namesake Axon Infotech, listed on the Bombay Stock Exchange.

Though Axon Infotech is totally unrelated to the UK-based SAP consultant, the company's shares soared more than 17 per cent Tuesday after the news of the acquisition.

While the Mumbai-based Axon Infotech is a technology provider for integration of Internet file services, Axon Group provides services to companies using products of German business software maker SAP.

At 10:45 am, shares of Axon Infotech were up 14.23 per cent at Rs 28.90 easing from a high of Rs 30.35. The counter clocked a volume of 1,76,373 against two-week average of 2643 shares.