Persistent Systems jumps 6% after announcing two acquisitions
Following the development, shares of Persistent Systems soared 6 per cent to Rs 3,755 early Thursday before paring half the gains to trade at Rs 3,663.30 at 10.10 am (IST). The scrip had closed at Rs 3,544.10 on Wednesday.
By Pawan Nahar, ETMarkets.com |
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New Delhi: Shares of Persistent Systems rallied as much as 6 per cent in early trade on Thursday after it announced plans to acquire two firms in the US market.
The Pune-based IT firm said its US subsidiary would acquire North Carolina-based Software Corporation International (SCI) and its affiliate, Fusion360, for $53 million.
The company also announced the acquisition of the business of New Jersey-based Shree Partners, including its subsidiary in India, for $6.87 million.
Following the development, shares of Persistent Systems soared 6 per cent to Rs 3,755 early Thursday before paring half the gains to trade at Rs 3,663.30 at 10.10 am (IST). The scrip had closed at Rs 3,544.10 on Wednesday.
BSE Sensex traded almost flat at 10:10 hours (IST) , up merely 11.41 points or 0.02 per cent, at 59,424.68.
Persistent said the move would bolster its expertise in serving banking, financial services, and insurance (BFSI) clients. The acquisition is subject to customary closing conditions which are expected to be completed within two weeks, the filing said.
The Pune-based IT firm said its US subsidiary would acquire North Carolina-based Software Corporation International (SCI) and its affiliate, Fusion360, for $53 million.
The company also announced the acquisition of the business of New Jersey-based Shree Partners, including its subsidiary in India, for $6.87 million.
Following the development, shares of Persistent Systems soared 6 per cent to Rs 3,755 early Thursday before paring half the gains to trade at Rs 3,663.30 at 10.10 am (IST). The scrip had closed at Rs 3,544.10 on Wednesday.
BSE Sensex traded almost flat at 10:10 hours (IST) , up merely 11.41 points or 0.02 per cent, at 59,424.68.
Persistent said the move would bolster its expertise in serving banking, financial services, and insurance (BFSI) clients. The acquisition is subject to customary closing conditions which are expected to be completed within two weeks, the filing said.
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