CMS Info Systems trades 8% lower after Rs 1,163-crore block deal

Around 3.2 crore shares or 21.6 percent stake of the company worth Rs 1163 crore changed hands in a bunch of traders

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Shares of CMS Info Systems Ltd fell nearly 8 percent on August 10 after 3.2 crore shares, or 21.6 percent stake in the company worth Rs 1,163 crore, changed hands in a bunch of trades, according to CNBC-TV18.

The buyers and sellers were not immediately known. At 10am, the stock was trading at Rs 361 on the BSE, down 8 percent from its previous close, while India’s benchmark Sensex fell 0.3 percent to 65,805 points.

In June, the stock saw a similar huge block deal where its promoter, Sion Investment Holdings Pte Limited, an affiliate of Baring Private Equity Asia, offloaded 13.8 percent stake in the company amounting to Rs 638 crore. The marquee investors who bought shares in the company included Abu Dhabi Investment, Norges Bank and ValueQuest.

The company recently reported a 22 percent year-on-year (YoY) jump in net profit at Rs 84.28 crore for the April-June quarter, as against Rs 69 crore a year ago. Its consolidated revenue for the quarter stood at Rs 518.25 crore, up 13.72 percent over last year.

“We are happy to report another quarter of 20 percent-plus earnings growth, led by market leadership in cash logistics and the scale-up of our managed services and technology business,” Rajiv Kaul, Executive Vice-Chairman, Whole-time Director and CEO of CMS Info Systems, said.

“This is traditionally a weak quarter which was further impacted by unseasonal rain affecting pockets of rural consumption, and withdrawal of Rs 2,000 currency notes. We remain focused on our strategic growth objective of doubling revenues from FY21 to FY25.”