Cambridge Technology jumps on getting nod to acquire Appshark Software
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Cambridge Technology Enterprises is currently trading at Rs. 72.00, up by 2.98 points or 4.32% from its previous closing of Rs. 69.02 on the BSE.
The scrip opened at Rs. 72.99 and has touched a high and low of Rs. 76.15 and Rs. 71.60 respectively. So far 41389 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 86.50 on 25-Aug-2022 and a 52 week low of Rs. 46.00 on 27-Mar-2023.
Last one week high and low of the scrip stood at Rs. 76.15 and Rs. 65.60 respectively. The current market cap of the company is Rs. 140.66 crore.
The promoters holding in the company stood at 46.91%, while Non-Institutions held 53.09% stake in the company.
Cambridge Technology Enterprises has received an approval for proposed acquisition of Appshark Software, Inc., USA. The group will be able to leverage the association of Appshark Software Inc to grow in IT space in USA. The business of entity being acquired is not outside the main line of business of the company i.e., Information Technology and its related aspects. The proposed acquisition is in line with the long-term outlook of the company in venturing in the IT space across geographical areas. Cost of acquisition is $5 million (Rs 41 crore). The Board of Directors at their meeting held on June 23, 2023, has approved the same.
Cambridge Technology Enterprises (CTEL) is a global technology services and outsourcing company dedicated to serving the midsize market of enterprises and the midsize units of Global 2000 enterprises across the spectrum of business industries.
