Financial Daily from THE HINDU group of publications
Wednesday, May 15, 2002
Financial Daily from THE HINDU group of publications Wednesday, May 15, 2002 |
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Markets
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Stock Markets Columns - Ear to the ground Genesys gains surprise players
GENESYS International Corp, a small Mumbai-based IT company, has been in the limelight in the last one month. It has appreciated by over 300 per cent since the beginning of April. The stock has risen from Rs 22.50 on April 1 to the current levels of Rs 84.45 Dealers attribute the sharp rise in share price to talks that the company has bagged $5-million order from a US-based geographic information services (GIS) firm. According to an analyst, the company is to be associated with a project to study earthquakes in California. There were also talks that the company had bagged an order from a re-insurance company for GIS study. But the sudden spurt in the price has surprised several market players; they say this is disconcerting and advise caution on the stock. According to a dealer, there was hardly any volume in the counter of Genesys a month back. In fact, only a few thousand shares used to be traded last month. Since mid-April, there has been a sudden rise in price and volumes.
Virendra Verma
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