The Hindu Business Line : Hexaware up 15 pc on US order talk

HEXAWARE Technologies Ltd (HTL) has been moving northwards in the recent past on reports of the company bagging several new orders. A software service provider, HTL has seen a 15-per cent jump in the stock price over the past one month on the bourses.

According to market grapevine, reports of the company bagging a huge order from the US-based HRD company, Exult, had enthused sentiment at this counter. So much so that today's trading saw the stock go on a roller coaster ride and hitting a 52-week high of Rs 122.85 intra-day. The stock closed at Rs 118.95 on the BSE, with around 2.2 crore shares traded. On the NSE, the stock closed at Rs 118.55, with around 4.1 crore shares traded.

Confirming the news, informed sources said that Hexaware was setting up operations in India for Exult, its largest client in the current quarter. "Hexaware is counting on offshore work and new clients to bolster business. We are also looking to ramp up most of our existing business projects," a source said. HTL is looking to make a topline of $52 million and a positive bottomline this fiscal.

To this extent, the company is looking to scale up its business with its client Lufthansa in the coming fiscal. HTL had entered into a tie-up with the airline in the second-half of this year and serves as an offshore vendor for the airline's application business. Sources said that the company had added 25 new clients during its current fiscal (January-December) and was looking to add thirty new clients next year, many of them are Fortune 500 companies. "Among others, we are looking at future ventures with Virgin Atlantic, A&A (Japanese airline) etc," the source added.

Its existing client base includes American Express, Citibank and Prudential ICICI, with the most recent being a euro 22-million contract with Deutsche Leasing AG, a German finance leasing company. HTL, which offers IT services such as implementation and support in human resources and customer relationship management, proposes to make PeopleSoft-based work its major thrust area.

The company is looking to consolidate its position as the largest PeopleSoft service provider for India.

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