MphasiS shares jump after Digital Risk buy
Reuters Market Eye - Shares in MphasiS Ltd (MBFL.NS) rose as much as 6.1 percent after the company, a unit of Hewlett-Packard Co (HPQ.N), agreed to buy U.S.-based Digital Risk LLC, a mortgage management specialist, for $175 million.
MphasiS said in a statement that Digital Risk is expected to register revenues of $127 million in CY2012.
The company has maintained that it would be looking at acquisitions to utilize the huge cash and cash equivalents of 23 billion rupees on the books.
Shares up 4.24 percent at 404.60 rupees.
- Tweet this
- Share this
- Digg this
Trending On Reuters
Data released on Friday showing a slowdown in India's economy will put the Reserve Bank under renewed pressure to cut interest rates, while Prime Minister Narendra Modi takes his time over reforms needed for a revival. Full Article