/ Hexaware Announces Amalgamation Of Subsidiary, Stock Plunges 2% ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Wednesday, 8 March 2017

Hexaware has announced approval of its scheme of amalgamation for its wholly owned subsidiary, Risk Technology International Limited, with the parent company Hexaware Technologies Limited. The amalgamation is subjected to approval from regulatory bodies.

Both the companies are engaged into the same business of information technology consulting, software development and business process management

Risk Technology International Limited has reported no revenue and loss before tax of Rs 8.17 million for the year ended December 31, 2016. 

The scheme of Amalgamation is proposed by the company to simplify the group structure; to ensure optimal utilisation of resources and better administration and reduction of cost; and also to achieve operational and management efficiency.

At 1400 hours on Wednesday, Hexaware Technologies stock is trading at Rs 221 per share, down by Rs 4.5 per share or 1.9% on NSE. Hexaware Technologies Ltd is currently trading at Rs 222.2, down by Rs 2.55 or 1.13% from its previous closing of Rs 224.75 on the BSE.

The scrip opened at Rs 224.6 and has touched a high and low of Rs 225.85 and Rs 220.5 respectively. So far 748207(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 6788.08 crore.

The BSE group 'A' stock of face value Rs 2 has touched a 52 week high of Rs 273.6 on 17-Mar-2016 and a 52 week low of Rs 178.1 on 17-Oct-2016. Last one week high and low of the scrip stood at Rs 229.5 and Rs 214.2 respectively. The promoters holding in the company stood at 71.2 % while Institutions and Non-Institutions held 16.57 % and 11.93 % respectively. The stock is currently trading above its 200 DMA.

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