Home >Markets >Stock Markets >This IT stock has surged nearly 60% in a week

Indian IT company Datamatics Global Services shares have been surging in the past few sessions with the stock hitting a new high on Monday on the back of heavy volumes. Shares of Datamatics jumped 18% to 297 per share on the BSE in early deals. In a week, the IT stock has gained over 60% whereas it is is up 160% this year (year-to-date or YTD). It has rallied a whopping 450% in the past year.

As clarification to BSE on Monday with reference to movement in its volume, the company said that ''the significant movement in the share price/volume behaviour of the scrip is purely due to market conditions and are market driven.'' It further informed that there is significant increase in movement in the share price/volume of Mid-Cap ITeS companies in last few days. IT stocks have been rallying in the past few sessions amid healthy earnings expectations and improved business outlook.

On July 12, Datamatics announced the appointment of Aabhas Zaveri as Senior Vice President, Sales, Intelligent Automation. Aabhas will lead the business for Datamatics Intelligent Automation products, including TruBot, TruCap+, and TruBI. He will be reporting to Rahul Kanodia - Vice Chairman & CEO, Datamatics, it said.

Datamatics is a technology company that builds intelligent solutions enabling data-driven businesses to digitally transform themselves through Robotics, Artificial Intelligence, Cloud, Mobility and Advanced Analytics. Datamatics services global customers across Banking, Financial Services, Insurance, Healthcare, Manufacturing, International Organizations, and Media & Publishing. The company has presence across four continents with major delivery centers in the USA, India, and Philippines.

The company had posted a 25% year-on-year (YoY) increase in its net profit for FY21 at around 80 crore while its revenue had declined over 4% to 1,149 crore. The company said that it saw a healthy revenue growth in last two quarters of FY21 with US continues to be its major contributor and claimed to be back on the growth path.

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