Saturday, August 31, 2002
The share price of Hughes Software soared to an intraday
high of Rs 178.70 on reports of a block deal.
The stock closed 13.85 per cent higher at Rs 171.80 on the
BSE. Over 38.52 lakh shares were traded on BSE and almost
67.60 lakh were traded on the NSE. As per the market talk,
a block deal of around 10-12 lakh shares took place at a price
of around 155-160 per share. It is believed that Unit Trust
of India was the selling party. However, the buyer is not
known.
For the first-quarter ended June 30, 2002, Hughes Software
registered a massive 76.5 per cent decline in the net profit
to Rs 4.4 crore compared with Rs 18.7 crore in the corresponding
quarter of the previous fiscal. Net sales during the quarter
dipped 25.3 per cent to Rs 47.4 crore (Rs 63.4 crore).
Hughes Software added 10 new customers for its telecom products
and three new customers for its software services duirng the
quarter ended June 30, 2002. It also reported having an order
backlog worth $20 million. The company is a specialist in
convergent network software, and is a leader in providing
GPRS, UMTS, VoIP software to original equipment manufacturers.
Last updated : February 2, 2004
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