Patni hits 52-week high on robust results

Patni Computer Systems, a subsidiary of i-Gate Corporation, has reported a consolidated net profit of Rs 200 crore in fourth quarter of calendar year 2011, showing massive growth of 139.5% as compared to Rs 83.5 crore in the previous quarter, as per Indian GAAP.

Revenues moved up by 5.5% to Rs 997 crore in the quarter ended December 2011 versus Rs 945.3 crore in an earlier quarter.

Bottomline was better than expected while top line came in on expected lines; CNBC-TV18 had expected revenues of Rs 1,000 crore and profit of Rs 130 crore.

As per US GAAP, net profit went up 75% to Rs 146 crore from Rs 83.5 crore and revenues climbed 9% to Rs 1,030 crore from Rs 945.3 crore quarter-on-quarter.

Floor price for delisting of Patni's equity shares has been fixed at Rs 356.74/share.

At 11:56 hrs the share was quoting at Rs 484.30, up Rs 10.50, or 2.22%. It touched a 52-week high of Rs 502.15.
 
It was trading with volumes of 297,055 shares, compared to its 5-day average of 10,576 shares, an increase of 2,708.77%.
 
In the previous trading session, the share closed up 0.70% or Rs 3.30 at Rs 473.80.