Smartlink Network Systems, a mid cap stock, is on the rise today. Volumes have jumped up till this mid-morning session by over 28 times. Intra day, the stock price rose 19.5% to Rs.111.95; its 52-week high is at Rs.123.40.

Today, the company’s main business is income from investment activities. Earlier, it was a maker of IT networking equipments but it transferred its Digisol brand of business to Digisol Systems and manufacturing business to Synegra EMS – both remain wholly owned subsidiaries of Smartlink.

The news today is that the Board has approved the final application for categorizing the company as a non-banking financial company (NBFC) to be made to the Reserve Bank of India (RBI) thus paving the way to become a full-fledged finance company.

The Board also approved acquisition of 1 crore equity shares aggregating upto Rs 10 crore issued by Digisol Systems, in one or more tranches.