Deutsche Bank has upgraded software firm Rolta India's bonds to 'buy' from 'hold' a day after the company denied allegations made by short-seller Glaucus Research about fabricated capital expenditures.
A report by US-based Glaucus Research on Thursday said Mumbai-based information technology firm Rolta India was expected to underperform the trend in average market returns, and issued a “strong sell&" recommendation on the stock.
California-based Glaucus Research, well known for shorting stocks, issued a "strong sell" report on software firm Rolta India, saying the company does not produce free cash flow and cannot repay offshore bondholders without refinancing.
Shares of Rolta were up over 3% at Rs 169 after the company announced that it has entered into an agreement with Hitachi India Pvt. Ltd. to address significant market opportunities in high growth business segments in India.
Shares of Rolta India and Bharat Electronics have rallied by up to 11% on the Bombay Stock Exchange (BSE) in early morning trade after these companies on Thursday announced that the ministry of defence had selected their consortium as a development
The National Democratic Alliance (NDA) government is poised to award its first 'make' contract, in which the Ministry of Defence (MoD) will fund two Indian consortia in developing a Rs 40,000-50-000 crore 'battlefield management system' (BMS).
Rolta India has soared 15% to Rs 104 after reporting a strong 90% year-on-year jump in consolidated net profit at Rs 139 crore for the quarter ended March 31, 2014, on the back of higher operational income.
Mumbai-based Rolta, today said that it has been awarded a multi-million dollar contract from Sadara Chemical Company (Sadara) to implement a comprehensive engineering system at its complex which will be the world’s largest petrochemical facility
Rolta, provider of IT consulting, solutions and services, today announced the acquisition of AT Solutions Group, the parent of AdvizeX Technologies for $32 million (around Rs 175 crore), including escrows and earn-outs.
Rolta India has soared almost 5% at Rs 79.40 after the IT software services firm said that it has redeemed the outstanding foreign currency convertible bonds (FCCB), amounting of $134.7 million including redemption premium of $38 million on the due date.
Software services firm Rolta India on Monday posted a 33 per cent rise in September quarter profit, surpassing analysts' expectations, helped by investments in intellectual property and a sharp rise in revenue from enterprise IT solutions.