Private placement spurs Info-Drive
Not withstanding the bearish sentiment in the markets, Infodrive Software continues to ride high. The scrip, in the last five trading sessions, has moved from Rs 13.9 to Rs 20.9. On Tuesday, the stock touched a high of Rs 22.3, which is within striking distance of its 52 week high of Rs 23. The scrip has zoomed from Rs 6.10 to the current levels in little over a month's time. The spurt in the counter is attributed to the company's plans to go in for a prefernential issue of shares to foriegn/domestic funds and instititutions. The company plans to issues 25 lakh shares at a premium to garner about Rs 4.5 crore.Incorporated in 1985, the company is engaged in development and designing software packages and imparting training in computers. Recently, the company has signed an agreement with a Houston based software company to handle part of its software projects. The American company will also be investing Rs 6 lakh in the proposed issue.
Proceeds of the issue will be utilised to meet the working capital needs of the company. Post issue equity base of the company will expand from present Rs 4 crore to Rs 6.5 crore. The company has recently bagged an order from Frost and Salemon, a Calfornia based market research firm, to maintain their website. This contract will result in an income of US $ 1 million. The company had developed several application packages for companies like Eagle press, Abbott laboratories, Arvind enterprises and a part of Butterfly group of industries. The has also developed readymade package on graphics and animations like `Classmate Series'. It has also developed `Info-safe' a data security software.
This package encrypts data and stores in the floppy in an encrypted manner. In the area of multimedia CD titles, the company, which had earlier released one on Bharatinatyam, is planning to bring out six different CD(compact disc) titales focussing on astrology, south Indian marriages, Indian history etc. by end of this December.
Krone's new foray
Krone Communications' decision to foray into the telecom network market is likely to spark interest in the stock. The scrip is currently trading at Rs 232.65. In the month of October, the counter witnessed a rally when the stock moved from Rs 172.75 to touch a high of Rs 260.1.
However, a technical correction saw the stock falling to Rs 203 levels. Analysts believe the stock is likely witness a rally in the next few trading sessions. The company proposes to invest Rs 12 crore in next two years to enhance its presence in the country and foray into telecom network. Krone Communications is subsidiary of German communications major Krone AG's. Analysts expect the company to report a turnover of Rs 52 crore in the current fiscal. Krone Communications reported a total revenue of Rs 35.15 crore in the last fiscal.
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