Persistent Systems zooms high

Persistent Systems has hit a new 52-week high today at Rs.1400 with volumes rising over one time. It has since then come off the high levels but trades around 2% higher at Rs.1362 levels.

The stock hit a new high after the company announced through a Press Release that it will be investing over Rs.61 lakh in a Pune based company, Altizon Systems.

The company has stated that it has entered into a stock purchase agreement with Altizon which is focused on Internet of Things (IoT). This stock purchase is to be done via subscribing to the equity shares of Altizon in one or more tranches from time to time. It has already remitted the first tranche the moment it signed the dotted line though it has not given a break-up of the money paid and the balance to be paid