Ranklin Solutions hardens on acquisition

Ranklin Solutions surged 4.18% to Rs 155.65 at 10:38 IST on BSE after the company said its board has approved acquisition of 51% stake in in Logic Bytes for Rs 0.91 crore.

The company made this announcement after trading hours on Tuesday, 20 May 2008.

concerns about slowing consumer spending in the world's top economy, hitting US shares on Tuesday, 20 May 2008.

On BSE, 16,261 shares were traded in the counter. The scrip had an average daily volume of 89,975 shares in the past one quarter.

The stock hit a high of Rs 159.45 and a low of Rs 148.95 so far during the day. The stock had a 52-week high of Rs 260 on 9 April 2008 and the stock hit a 52-week low of Rs 50 on 9 April 2008.

The small-cap scrip had outperformed the market over the past one month till 20 May 2008, gaining 78.28% compared to the Sensex's return of 2.93%.

The company's current equity is Rs 5.04 crore. Face value per share is Rs 10.

The current price of Rs 155.65 discounts its Q3 December 2007 annualised EPS of Rs 0.87, by a PE multiple of 178.91.

Logic Bytes is into business process outsourcing (BPO)/ information technology enabled services (ITES).

Ranklin Solutions' net profit fell 21.43% to Rs 0.11 crore on 5.34% increase in net sales to Rs 2.17 crore in Q3 December 2007 over Q2 September 2007.

Hyderabad based Ranklin Solutions specializes in website design, flash designs, e-marketing, and corporate identity.