Financial Daily from THE HINDU group of publications
Tuesday, Oct 12, 2004
Financial Daily from THE HINDU group of publications Tuesday, Oct 12, 2004 |
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Markets
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Stock Markets Info-Tech - Stocks Cranes Software gains on Q2 number hopes Our Bureau
Mumbai , Oct. 11 CRANES Software International Ltd (CSIL) has been on a rise since the beginning of this month on expectation of good second quarter results, brokers and analysts said. The Bangalore-based CSIL caters to the requirements of scientists and engineers worldwide with niche software products. The company develops statistical software for scientific studies and analysis. Since the beginning of this month, the stock has increased from Rs 425 to Rs 556.10, a gain of 30 per cent on the BSE. On Monday, it gained 4.7 per cent at Rs 556.10 on the BSE with a volume of 69,422 shares. According to a fund manager with a hedge fund, CSIL has a strong hold in statistical software with most of its clients based in the US and Asia. He said the company was doing well with its statistical and wireless software. CSIL's consolidated operating revenues for the quarter ended June 30, 2004, increased by 166 per cent to Rs 36 crore compared with Rs 13.56 crore in the corresponding quarter last year. Net profit increased by 168 per cent to Rs 9.71 crore (Rs 3.63 crore). On expectation of good growth prospects, several FIIs and domestic fund managers are understood to have been buying the shares of the company. A broker said that due to the low liquidity in the stock, even a small buying was pushing up the stock price. Some of the big investors holding shares in the company include (as on June 30): Matterhron Ventures (2.16 per cent), Goldman Sachs Investments (Mauritius) I Ltd (7.40 per cent) and Merrill Lynch Capital Markets Espana (2.22 per cent). Among the domestic investors, PruICICI Mutual Fund-Technology Fund holds 2.34 per cent.
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