Patni Computer Systems declined 1.56% to Rs 443 at 9:57 IST on BSE, after the company’s American depository receipts, or ADR slumped 3.29% to $20.30 on the New York Stock Exchange on Tuesday, 10 August 2010.
Meanwhile, the BSE Sensex was down 23.91 points, or 0.13% at 18,196.08.
On BSE, 19,958 shares were traded in the counter as against an average daily volume of 89,900 shares in the past one quarter.
The stock hit a high of Rs 448.15 and a low of Rs 442.10 so far during the day. The stock had hit a record high of Rs 624 on 15 July 2010 and a 52-week low of Rs 358.15 on 11 August 2009.
The mid-cap stock had underperformed the market over the past one month till 10 August 2010, falling 10.88% as compared to the Sensex’s return of 2.17%. It had also underperformed the market in the past one quarter, declining 20.69% as compared to the Sensex’s return of 5.13%.
The company has an equity capital of Rs 26.03 crore. Face value per share is Rs 2.
Patni Computer Systems’ consolidated net profit as per US accounting standards fell 2% to Rs 147.30 crore on 0.4% increase in sales to Rs 777.63 crore in Q2 June 2010 over Q1 March 2010.
At the time announcing the second quarter results, Patni Computer Systems said sustaining the growth continues to be challenging. For Q3 September 2010, Patni has forecast net income (excluding a hedging impact) of $22.5 million to $23 million on revenues of $176-$177 million.
It expects a mark-to-market foreign exchange gain of $1 million during the third quarter. This may change depending on further currency movements and will impact earnings accordingly, Patni said.