Hexaware Technologies leaped on Monday on the back of excellent buying support.

The stock of the Mumbai-based software firm surged by 7.7% to Rs 131.30 on the BSE in mid-afternoon trades. 1.67 million shares changed hands on the counter.

The stock has witnessed a roller coaster ride on the bourses in the last few weeks on alternate bouts of buying and selling. Intense volatility was seen in January 2003, when the stock figured in the initial list of stocks for trading in the derivatives segment of the bourses,but was dropped from the final list later.

Operators are active in the Hexaware Technologies stock, according to dealers. The stock clocks high volumes. The average daily volume of the stock on the BSE in the last one month (22 days period ended 14 February 2003) was 3.30 million shares. This is against an average daily volume of 1.39 million shares in the last 6 months (comprising 162 sessions).

In early February 2003, HTL announced a long-term strategic alliance with Temenos, the leader in banking products and software systems.

HTL was formed from the merger of the software division of erstwhile Aptech with a privately-owned IT company of the promoter (Atul Nishar), Hexaware Technologies. Thus, HTL is purely an IT company as against the earlier hybrid nature of Aptech – comprising software solutions as well as the IT education business. The IT education business of Aptech was transferred to a separate company, Aptech Training (which was subsequently listed on the bourses).

In August 2002, HTL signed a long-term agreement with Deutsche Leasing AG, Germany, to assist in the restructuring and modernisation of the latter's European IT operations. Deutsche Leasing is one of Germany's largest and most prosperous leasing companies. It belongs to Sparkassen-Finanzgruppe, one of Europe's most successful financial services organisations, and has recorded revenues of euro 3.5 billion in fiscal year 2000-01. The initial value of the contract is estimated at euro 22 million, which is to be completed by December 2004.

HTL posted a net profit of Rs 2.34 crore for the quarter ended 30 September 2002, as against Rs 0.56 crore in the corresponding period last fiscal. Total income was Rs 21.34 for the quarter ended 30 September 2002, compared to Rs 25.16 crore in the quarter ended 30 September 2001.