NEW DELHI--(BUSINESS WIRE)--The strong rally in Kellton Tech’s share price continues amid investor enthusiasm. The share price has seen mind boggling 811% growth over last year. In comparison, the shares of other mid cap companies grew by 57% only.
The share price peaked at INR 79.00 per share from the INR 8.00 a year ago. India’s leading business news channel CNBC-TV 18 mentions this as the stock to watch out for in its Monday Special Midcap Mania, with Nigel Dsouza.
- Gross revenue increased by 15% in Q3 Year 2015 against Q3 Year 2014. Net profit rose by 270% for the same quarter last year.
- Gross revenue increased by 175% for the year ending June 2014.
- Net Profit increased by 70.58% for the year ending June 2014.
Niranjan Chintam, the Founder and Executive Chairman, Kellton Tech was featured on CNBC-TV 18 this week. The vision for FY’16 is to become a US$100Mn revenue company through organic and inorganic growth.
The board members are scheduled to meet on May 27 to mull issuing 2.5Mn warrants at the proposed price of INR 90/warrant although the stock is currently trading close to INR 80.00. Mr. Chintam explained the rationale behind overpricing saying that we believe our stock is under-priced and the promoters of the firm want to signal to the market that the firm believes in itself and looks for raising its stake wherever possible.
Kellton Tech is on verge of acquiring an enterprise application company with around US$40Mn revenue.
In another interview with NDTV Profit, Mr. Chintam talked about the company profile and how it is benefiting from growing e-commerce boom in India. He explained the company’s expertise in WSMAC (Web, Social, Mobile, Analytics and Cloud computing), its foray into the IoT space and focus on cutting edge technology.
The majority of revenue (about 50%) comes from North America and would continue to do so as companies have started spending on IT services again. India is also going to contribute significantly in terms of revenue growth this year.
Kellton Tech is also looking at 2 more acquisitions by the next fiscal and will hire around 500 employees globally. Mr. Chintam also said, “We would like to thank our stakeholders, clients and employees for their continued support. We are absolutely bullish about growth.”