Persistent System hits 52-week high on strong Q2 results

NEW DELHI: Technology company Persistent Systems surged over 11 per cent in trade on Friday to hit its 52-week high of Rs 476, after the company posted a 37.8 per cent rise in net profit to Rs 44.64 crore for the quarter ended September 2012.

At 11:30 am, Persistent Systems was trading 8.1 per cent higher at Rs 461.80. It has hit a low of Rs 441.90 today.

The company’s revenue during the period grew 37.2 per cent to Rs 326.86 crore from Rs 238.17 crore in the year-ago period, while its net profit stood at Rs 32.41 crore in the year-ago period, it said in a statement.

The company also announced that it has entered into a definitive agreement to acquire Doyenz’s 'rCloud' platform through its US subsidiary. The financial details and terms of the definitive agreement were not disclosed.

Persistent Systems will continue to server Cloud customers under the Doyenz brand. The company will develop and enhance the Cloudservice, maintaining employees and channel partnerships instrumental to its business.