MphasiS shares surge on Digital Risk deal

MphasiS shares soared over 6 per cent on Monday after the company announced acquisition of US-based Digital Risk for $175 million (about Rs 960 crore).

Florida-based Digital Risk is one of the largest independent providers of solutions related to risk, compliance and transaction management to the US mortgage market.

Following the development, shares of the company opened on a robust note and jumped 6.33 per cent to Rs 413 on the Bombay Stock Exchange.

The scrip narrowed its gains in afternoon trade, trading 4.16 per cent higher at Rs 404.55 on BSE. The shares were up 4.34 per cent on the National Stock Exchange at Rs 405.

The acquisition significantly enhances MphasiS' onshore presence in the US.

Rally in the stock was in contrast with an overall sluggish stock market, where the benchmark Sensex was trading at 19,274.98, down 64.92 points at 1.33 pm.

With inputs from PTI