GSS Info hits new high again

GSS Infotech is literally on fire today morning. The stock has hit a new 52-week high at Rs.53.60 and volumes have spiked up almost 6 times. For three consecutive days now the stock has been making a new high. Currently it has come off these high levels and is now at Rs.48 levels, yet remains over 3% high.

The stock has been hitting a new high ever since the Board of the company hiked FII limit from the present 22% to 49%. Currently, FII holding in the stock stands at 23.6% while promoters have a measly 12.8%.

GSS Infotech board will now seek shareholders' approval for raising the FII limit through postal ballot process. The company specialises in remote infrastructure management services, virtualization solutions and application management services. It had ended Q2Fy14 with a consolidated net profit at Rs.4 crore v/s Rs.7 crore in Q1FY14 though, YoY, it has been a turnaround from a loss of Rs.10 crore. This is despite topline coming in much lower at Rs.70 crore  v/s Rs.75 crore (YoY). Reduction in operating costs, other income and a lower interest outgo helped.