Business

This micro-cap IT stock surges 125% in the last 13 days, 101% in November

Updated : November 21, 2018 01:34 PM IST

8K Miles Software Services reported nearly 21 percent jump in September quarter sales at Rs 16.40 crore.

This micro-cap IT stock surges 125% in the last 13 days, 101% in November

8K Miles Software Services Ltd shares were locked in its 5 percent upper band limit of Rs 137.30 after opening. The stock had closed at Rs 130.80 on Tuesday.

Shares of the Silicon Valley-based but Chennai-headquartered company have surged 101 percent so far this month as concerns over corporate governance abated. The stock has been gaining for the last 13 days and has risen nearly 125 percent in the period, according to a marketsmojo analysis.

On the earnings front, 8K Miles Software Services reported nearly 21 percent jump in September quarter sales at Rs 16.40 crore, according to a moneycontrol report.

The company had reported net sales of Rs 13.58 crore in September 2017, the report said. The quarterly net profit rose 202.6 percent from Rs 1.45 crore in September 2017 to Rs 4.37 crore in September 2018, it further said.

8K Miles Software's shares slumped 88 percent between January and October after auditor at its promoter company, 8K Miles Media, resigned reportedly over corporate governance issues.

So far, 5,99,400 shares have traded with only bids and no offers. The stock trades above its 20 day moving average of Rs 92.32, but lower than its 50 day, 100 day and 200 day moving averages of Rs 157.49, Rs 252.39, and Rs 467.16, respectively.

The micro-cap stock still trades with 85 percent negative returns this year, about 87 percent low from its 52-week high of Rs 1,029.95.

Meanwhile, benchmark indexes trade weak on global cues and foreign fund outflows. The Sensex traded 286 points lower at 35,188, while the Nifty slipped to 10,586, down by 70 points at 1.10 pm.

Also, catch all the action and updates in our Market Live blog.

Disclaimer: The CNBCTV18.com editorial team does not engage in speculative or active trading in stock markets and follows its Code of Conduct on securities trading and investment. Any investor/ viewer is advised to carry out necessary diligence on their own or through a certified registered financial advisor for investment decisions.

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