IT solution provider, GSS America Infotech, has surged to a high of Rs 508.35 before closing the day at Rs 500.65, with 25.16% premium over its issue price of Rs 400. The stock remained in the limelight through the day despite severe correction in markets (Sensex lost more than 850 points, closed down 566 points at 15,975). It traded with volumes of 1,39,82,399 shares on the BSE.

Bhargav Marepelly, CEO & Managing Director of GSS America Infotech said that their FY09 sales are pegged at over Rs 500 crore and PAT at Rs 95 crore. Meanwhile, GSS’s FY09 EPS is being seen at Rs 76, this is not including the inorganic growth planned. Marepelly said that though they are dependant on the US to some extent, the mix would change by FY09 with the inclusion of Singapore and Dubai operations.

The stock opened at Rs 380 on the NSE, and touched a high/low of Rs 540 and Rs 370, respectively. GSS America rose by 25.20% or Rs 100.80, to settle at Rs 500.80. It traded with volumes of 1,06,25,651 shares and turnover at Rs 504.42 crore.

The company had entered capital market with a public issue of 34,97,495 equity shares of Rs 10 each at a price band of Rs 400 to Rs 440 per equity share. The issue got subscribed 1.08 times.