Shares of IT company Blue Cloud Softech Solutions are in focus today as the company has informed exchanges that one of its promoters has increased its stake in the company. Following this update, the stock of the company started the session in the green at Rs 24.80 against the previous close of Rs 24.71 on the BSE. This is a gain of 0.36 per cent from the last closing price. Amid firm buying, the counter gained further to touch the high of Rs 25.24, representing a surge of 2.14 per cent. However, the stock pared early gains and later touched the low of Rs 24.40. Last seen, the stock was trading at Rs 24.50, and the market cap of the company stood at Rs 1,068.89 crore.
The counter has fallen after two days of consecutive gain, but technically trades higher than the 20-day moving averages. Also, it trades lower than the 5-day, 50-day, 100-day and 200-day moving averages.
Acquisition through preferential allotment
As per the information available, this acquisition has been made through preferential allotment. Prior to the acquisition, Yarlagadda Janaki held 14,55,75,960 shares in the company, and 14,10,75,000 new shares have been allotted. Following this acquisition, the promoter now holds a total of 28,66,50,960 shares. This means that the percentage of shares held has increased to 38.06 per cent from 33.37 per cent.
Before the acquisition, the total equity share capital of the company, i.e. total voting capital, was 43,62,81,600 shares, which has increased to 75,30,81,600 shares after preferential allotment.
Empanelled as official partner for BSNL
Earlier, the company said that it has been empanelled as the official partner for Bharat Sanchar Nigam Limited (BSNL)'s 5G Fixed Wireless Access (5G FWA) services.
Under this empanelment, Blue Cloud Softech Solutions Ltd (BCSSL) will provide Internet Leased Line (ILL) services in Maharashtra and Goa circles, further strengthening the company's presence in Western India.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
