Soon after GDR's listing, the counter saw some buying activity and the stock touched a high of Rs 20. The Rs 20-level triggered a profitbooking at this counter and the stock slipped to a low of Rs 14.65. However, later on, the stock recovered to close the day at Rs 15.05, a gain of 50.5 per cent against the offer price. During the day, around one lakh shares changed hands.

GDR Software had offered 28.64 lakh shares of Rs 10 each at par in April. Lead-managed by UTI Securities, the shares are listed on Bangalore, Mumbai and Hyderabad.

The company is into software development covering customer application, internet, ecommerce, medical transcription, in house personnel training and consultancy. The company has developed solutions like inventory control management system (ICOMS), library management system (GDRLIB), hospital management system (PLUSSOFT), banking system (Soft Vault) and tracking and monitoring system for medical transcription (TM for MT). The company has strategic tie-up with Elkay International Inc, OGER International, Business Information Group and Rite Solutions.

The company is in the process of expanding its development activities and setting up offices in USA, Australia and Bahrain. Vysya Bank had appraised the project and put the cost at Rs 13.34 crore.

For the year ended June 30, 1999, the company recorded a net profit of Rs 11.55 lakh on total income of Rs 97.89 lakh. However, the unaudited results for the seven-month period ended January 31, 2000, net profit zoomed to Rs 96.67 lakh on total income of Rs 3.86 crore. For fiscal 2001, Vysya Bank projected a net profit of Rs 4.17 crore on total income of Rs 14.97 crore. The projected EPS for fiscal 2001 is Rs 3.65.

On an expanded equity base of Rs 11.45 crore, the annualised EPS for fiscal 2000 works out to Rs 1.44. This discounts the closing price of the stock by a multiple of 10.45.