Onward Tech falls on profit-booking after India Acorn, Whiteoak, Ashoka India buy stake

Onward Technologies lost 1.5 percent in early trade on December 15 as investors rushed to book profits. Multiple institutional investors purchased shares in the company on December 14 for a total value of Rs 62 crore.

WhiteOak Capital Mutual Fund, White Oak India Equity Fund IV, Ashoka India Equity Investment Trust Plc, and India Acorn India Acorn Fund bought 10.99 lakh equity shares or 4.9 percent in the software company at a price of Rs 563.75 per share, valued at Rs 62 crore.

Promoter entity Onward Software Technologies was the seller in this deal.

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As of 9.20am, shares of Onward Technologies were trading at Rs 673.55, lower by 1.56 percent compared to the previous session’s closing price. In the previous session, shares hit the upper circuit and settled at Rs 685.95, up by 19.98 percent.

For the quarter ended September, Onward Technologies net sales were at Rs 87.09 crore, up 13.46 percent on-year from Rs 76.76 crore in September 2022.

The net profit surged multifold from Rs 1.21 crore in the corresponding quarter of the previous year to Rs 7.99 in the second quarter of the current fiscal.

Over the past year, shares of the company have risen 115.37 percent as compared to the frontline index Nifty 50 that has given investors gains of around 16 percent during the same time period.

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