Polaris Software up 5%

Polaris Software is buzzing loud and clear today morning. The stock is up 5% at Rs.124.60, a good run from yesterday’s closing at Rs.118.70. Volumes are robust at almost 1.5 lakh shares. Market cap stands at Rs.1239 crore.

This Chennai based software service provider is up and about on unconfirmed news that the company is in talks to sell its services division to Japan's NEC Corporation. News of this division sale has been doing the rounds for some time now. Previously, it was reported that Tech Mahindra was close to acquiring the division but the deal did not go through on valuation grounds. It is reported that this deal with NEC could fetch a valuation of $400-450 million, little higher than what Tech Mahindra was offering.