Polaris FT hits new high

Polaris Fin Tech hit a new 52-week high today at Rs.148 and it remains around the same high levels, almost 5% high. Volumes are robust at around 3 lakh shares changing hands today morning alone.

The stock hit a high on unconfirmed reports that the company is close to inking a deal to sell off its services business to L&T Info. This business is valued at US$400 million. Others in the fray to acquire this services unit are Tech Mahindra and NEC India but it is now rumoured that L&T Infotech is ahead in the race for the acquisition.