Sasken shares soar nearly 16 percent

Bangalore: Sasken Communication Technologies (SASKEN) shares ended the day 15.94 percent above its previous close, on a day when the Sensex recovered from Monday's debacle. On Tuesday after opening at Rs. 148, the stock touched its 52 week high of Rs. 174.50, before ending the day at Rs. 170.55 up by Rs. 23.45. A total volume of 3,513,391 Sasken shares were traded through the day, with the current P/E ratio of the stock at 13.80.

Sasken is a provider of telecommunication software services and solutions to network software manufacturers, mobile terminal vendors, and semiconductor companies worldwide. Sasken saw its net profit after tax (PAT) for the first quarter ended June 30, 2009 increasing 47 percent to Rs. 20.2 crore from Rs. 13.7 crore in the same quarter last year. PAT margins in the first quarter were at 14.5 percent. The 52 week stock price chart of Sasken is on the left.

Out of the four analysts following Sasken, the consensus recommendation is to buy the stock, with two analysts recommending a buy rating. Sundaram BNP Paribas Select Midcap - Regular Plan holds the highest number of Sasken shares with 902,194 shares in its pool.