HOV Services hardens on offer for sale of units

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HOV Services opened at 20% upper circuit at Rs 100.40 after it received an offer of approximately $202 million to purchase 100% of its wholly owned subsidiary HOV Services, LLC and its Hong Kong unit

On BSE, 2,249 shares were traded in the counter. The scrip had an average daily volume of 7,461 shares in the past one quarter.

The stock had a 52-week high of Rs 237.50 on 6 June 2007 and the stock hit a 52-week low of Rs 73.60 on 25 March 2008.

The small-cap scrip had underperformed the market over the past one-month till 5 June 2008, declining 9.85% compared to the Sensex's decline of 9.05%. It had also underperformed the market in the past one quarter, declining 7% compared to Sensex's decline of 1.29%.

The company's current equity is Rs 12.55 crore. Face value per share is Rs 10.

The current price of Rs 100.40 discounts its Q4 March 2008 annualised EPS of Rs 0.32, by a PE multiple of 313.75.

The offer is from a company controlled by some of company's promoters and shareholders.

HOV Services is a global business process outsourcing services provider for healthcare, banking and publishing. It provides e-content management solutions coupled with workflow based large volume transaction processing services. HOV Services' customers include over 50% of fortune 100 companies across key verticals such as financial services, telecommunications, healthcare, insurance, construction, publishing, finance and accounting and government.

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