Happiest Minds shares rise as IT firm to acquire US-based digital product company

Shares of Happiest Minds Technologies were trading higher in early deals as the IT firm said it inked definitive agreements to acquire 100% Membership interests of USA-based Azure native digital product engineering company Aureus Tech Systems LLC. Happiest Minds Technologies stock rose nearly 1% to Rs 830.70 against the previous close of Rs 822 on BSE. Market cap of the firm rose to Rs 12,499 crore. Total 3053 shares of the firm changed hands amounting to a turnover of Rs 25.17 crore in the current session.

The stock hit a 52-week low of Rs 738.05 on March 28 2024 and rose to a 52 week high of Rs 1022.30 on June 22, 2023.

Happiest Minds shares have a beta of 0.6, indicating low volatility in a year. In terms of technicals, the relative strength index (RSI) of the stock stands at 55.7, signaling it’s trading neither in the overbought nor in the oversold zone.

Happiest Minds shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day but lower than the 100 day, 150 day and 200 day moving averages.

Aureus is a niche Azure native digital product engineering company focused on digital transformation using Data, AI and Application Modernization. The 150-person company headquartered in Denver, Colorado with a development center in Hyderabad partners with Fortune 500 companies including global insurance and reinsurance providers and healthcare & life sciences enterprises in their cloud transformation journeys. Aureus delivers bespoke Cloud and AIbased transformation solutions, underpinned by a blend of domain expertise and industry acumen.

Happiest Minds reported a 24.8% year-on-year (YoY) rise in net profit to Rs 71.98 crore in Q4 from Rs 57.66 crore in the year-ago period. Sequentially, net profit rose 20.7% from Rs 59.62 crore in the preceding quarter.

Revenue from operations climbed 10.4% to Rs 417.29 crore against Rs 378 crore in Q4FY223 .It rose 1.8% quarter-on-quarter (QoQ) from Rs 409.88 crore in the December 2023 quarter.

Revenues rose to $50 million 9.1% YoY in Q4FY24 from $45.91 million a year ago. In constant currency terms, revenue growth was 9.5% YoY and 1.4% sequentially.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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