Vakrangee's shares are soaring. Know why

Vakrangee Ltd., a mid-sized software services provider, inched up in trade after the company reported a tepid set of earnings.

Vakrangee said its first quarter net profit rose 10 percent to 84.4 crore rupees compared with 76.3 crore rupees in the sequential past quarter. Sales during April-June rose 1.5 percent to 700 crores from 690 crores in the fourth quarter.

Vakrangee gained 1.4 rupees, or 0.9 percent, to 157.25 rupees on the National Stock Exchange, where 9.75 lakh shares were traded compared with 12 lakh shares, its 5-day average.

Vakrangee's market capitalisation has gained 19 percent in one year to 7,900 crore rupees. The stock trades at 11.6 times its book value of 13.44 rupees.

Image credit: Indiatimes