Shares of MPS Ltd. rose on Wednesday as its wholly owned subsidiary agreed to acquire a 65% stake in the entities of Australia-based Liberate Group for A$ 9.3 million or around Rs 50 crore.
The entities include Liberate Learning, Liberate eLearning, App-eLearn and Liberate Learning (New Zealand). The remaining 35% shareholding of each of the entities will be acquired by MPS Interactive Systems Ltd. in subsequent tranches, according to an exchange filing on Tuesday.
The MPS stock was trading 3.73% higher at Rs 1,574 per share in comparison to a 0.48% advance in the benchmark NSE Nifty 50 as of 10:41 a.m. The share price rose as much as 5.78% to an intra-day high of Rs 1,605 apiece.
The stock has risen 90.44% on a year-to-date basis. The total traded volume so far in the day stood at 0.7 times its 30-day average. The relative strength index was at 63.7.
An analyst tracking MPS maintains a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 6.9%.
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