Polaris Financial hits new high, again

Polaris Financial Technology hit a new high on Friday at Rs.239.80, Monday its new high was at Rs.246.40 and even today, the stock hit another new high at Rs.250.60. The stock currently has come off the high but remains up almost 3% at Rs.249 levels.

The trend at the moment is that momentum in stocks is seen the moment a foreign fund upgrades or downgrades the stock. This stock follows the same trend; it is up on news that foreign fund Quoniam Funds Selection bought 5.47 lakh shares or 0.54% stake in the company. This was done through a bulk deal on Friday, 4th July and stock was purchased at an average price of Rs 225.99/share.

As at 31st March 2014, promoter stake in the company was 29.09%, FII stake was at 25.07%, DII was at 2.44%.