Prithvi Information Solutions spurts on buyback plan

Prithvi Information Solutions surged 7.25% to Rs 151.05 at 10:35 IST on BSE after it scheduled a meeting of the board of directors on 31 March 2008 to consider the buyback of equity shares.

The scrip had touched a high of Rs 160 and a low of Rs 148.20 so far during the day. The stock had hit a 52-week high of Rs 357.50 on 3 July 2007 and a 52-week low of Rs 115.55 on 18 March 2008.

The small-cap software firm has an equity capital of Rs 18.08 crore. Face value per share is Rs 10.

At the current price of Rs 151.05, the scrip trades at a PE multiple of 2.40, based on Q3 December 2007 annualised EPS of Rs 62.83.

Prithvi Information Solutions’ net profit rose 5.38% to Rs 28.40 crore on 10.47% increase in sales to Rs 291.73 crore in Q3 December 2007 over Q2 September 2007.

On 4 February 2008, Prithvi Information Solutions received an order worth Rs 309 crore for supply of transmission equipment to state-run Bharat Sanchar Nigam.

Prithvi Information Solutions is a global provider of customised IT solutions and software services to the clients. It operates through four strategic business units -- application development, network solutions, intelligence solutions, process outsourcing with presence in the US, Europe, Dubai, India and Singapore.