Financial Daily from THE HINDU group of publications
Sunday, Jul 31, 2005
Financial Daily from THE HINDU group of publications Sunday, Jul 31, 2005 |
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Info-Tech
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Software Corporate - Bonus Announcements Ontrack Systems board proposes 1:2 bonus Our Bureau
Kolkata , July 30 THE board of directors of Ontrack Systems Ltd has recommended the issue of bonus shares in the ratio of one share for every two shares. This is the first time since its inception 18 years ago that the company will be issuing bonus shares, subject, of course, to the approval of members. The stock is trading at the BSE at around Rs 49-50. According to Ontrack's CEO, Mr B. Hari, the IT company is now committed to drive an inorganic growth model, which will provide it with a "new set of opportunities and challenges in the ever changing market place." Europe, which accounts for 70 per cent of the revenues, is said to be the main focus of the company's business. He said Ontrack was is now in advanced stages of negotiations with three different companies for acquisition. The company, for the quarter ended June 30, 2005, has reported a turnover of Rs 6.2 crore and a profit after tax of Rs 51 lakh. Earnings per share for the quarter were Rs 1.03 as against Rs 1.90 for the full year ended March 31, 2005.
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