Persistent Systems rallies nearly 5%, hits 52-week high on expansion plans
The IT firm said that it will invest $ 100,000 (over Rs 61 lakh) in Pune- based products company, Altizon.
By ET Online |
NEW DELHI: Persistent Systems Ltd rose as much as 4.6 per cent in trade on Tuesday to hits its 52-week high of Rs 1400, after the IT firm said that it will invest $ 100,000 (over Rs 61 lakh) in Pune- based products company, Altizon.
At 09:35 a.m.; Persistent Systems was trading 2.3 per cent higher at Rs 1370. It hit a low of Rs 1350 and a 52-week high of Rs 1400 in trade today.
"The company has entered into a Stock Purchase Agreement with Altizon Systems, a Pune-based product company focused on the Internet of Things (IoT) to invest $ 100,000 (equivalent amount of INR)," Persistent said in a filing to the BSE.
This will be done by subscribing to the equity shares of Altizon in one or more tranches from time to time, it added.
"Immediately followed after entering into the above agreement, the company has also remitted Its first tranche of investment to Altizon," it said.
At 09:35 a.m.; Persistent Systems was trading 2.3 per cent higher at Rs 1370. It hit a low of Rs 1350 and a 52-week high of Rs 1400 in trade today.
"The company has entered into a Stock Purchase Agreement with Altizon Systems, a Pune-based product company focused on the Internet of Things (IoT) to invest $ 100,000 (equivalent amount of INR)," Persistent said in a filing to the BSE.
This will be done by subscribing to the equity shares of Altizon in one or more tranches from time to time, it added.
"Immediately followed after entering into the above agreement, the company has also remitted Its first tranche of investment to Altizon," it said.
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