8K Miles hits 10% upper circuit, again

8K Miles Software had hit the 10% upper circuit yesterday at Rs.568.80 and today too, it has hit the circuit at Rs.625.65. Its 52-week high stands at Rs.804.

The stock probably expected some news today and before market opening, the company announced today that through its US subsidiary, it acquired SERJ Solutions, a provider of innovative Epic EHR consulting, custom application development, and support solutions for the healthcare market.

This move solidifies 8K Miles goal to offer a unique and differentiated cloud managed solution to the Healthcare sector. By leveraging its expertise in cloud solutions, 8K Miles hopes to help hospitals and healthcare provider

8K Miles is a global secure cloud solutions and managed services company, providing digital technology solutions. The company had hit the high of Rs.804 on the back of its very good numbers for Q2FY15. It announced a three times jump in consolidated net profit at Rs.4 crore on a 200% (YoY) rise in operational revenue at Rs.27 crore. With this performance, in H1FY15, its net profit of Rs.7 crore has surpassed the net profit of FY14 of Rs.6 crore. With two more quarters to go, clearly, it will be a bumper year for this IT company. Fund house too have taken keen interest in the stock, with DSP Blackrock and Sundaram BNP together picking up 5% stake in the company. FII stake remains miniscule at 0.03% and promoters hold 66.28%.