CAMS hits new annual high on NSE, propelled by bulk buys

  • Stock Market News
CAMS hits new annual high on NSE, propelled by bulk buys
Credit: © Reuters.

Computer Age Management Services Ltd (CAMS) has reached a new annual peak on the National Stock Exchange (NSE), with its stock price soaring to ₹2,989.3 (₹1 = $0.012) during Tuesday morning's trading session. This surge, representing an over three percent increase, was supported by continued purchasing from notable entities such as Societe Generale (OTC: SCGLY ) and Abu Dhabi Investment Authority. Additionally, this rise comes in the wake of a significant share sell-off by promoter Great Terrain, who divested 9.3 million shares.

By 10:22 a.m. local time, CAMS saw its shares trading higher by ₹59.55 at ₹2,951.25 each, bringing the company's market capitalization to ₹14,497.27 crores (Rs 1 crore = $119,921).

The financial services provider, which specializes in mutual fund transaction processing and other related activities, has shown robust financial growth in recent times. For the quarter ending in September 2023, CAMS reported a 17.1 percent increase in net profits to ₹84.51 crores and a 13.5 percent increase in revenues totaling ₹275.08 crores compared to the same period last year. The half-yearly figures also painted a positive picture with a Profit After Tax (PAT) of ₹160.85 crores and revenues reaching ₹536.38 crores.

CAMS' stock has been on an upward trajectory since January 2023, with gains surpassing 33 percent, outperforming the Nifty index which advanced over 14 percent in the same period.

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