India's Cambridge Technology hits 2-month high after board okays FA Software deal

Cambridge Technology Enterprises

16/01/2023 06:02

** Shares of software development co Cambridge Technology
Enterprises  CATE.NS  jump as much as 15.8% to 65.50 rupees,
marking their sharpest intraday pct gain since Aug. 16
    ** Stock hits highest level since Nov. 10, on track for a
fourth consecutive session of gain
    ** Co on Friday said its board has approved proposed
acquisition of FA Software Services for 200 million Indian
rupees ($2.46 million)
    ** Separately, co added that it has appointed Chirravuri
Subrahmanya Leeladhar as the financial chief
    ** More than 157,000 shares change hands by 11:19 a.m. IST, 
7.2x 30-day avg of 21,867 shares
    ** Stock was down 30.36% last year
    ($1 = 81.3430 Indian rupees)
 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))