CapitalMarket.com - Accel Frontline sustains interest from order win
Hot Pursuit Friday, March 30, 2007 12:48 Hrs IST

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Accel Frontline sustains interest from order win

Accel Frontline shares rose by the maximum daily limit of 4.97%, to Rs 60.15, extending gains after bagging a Rs 5-crore order from the Indian Railways.

A total of 9,839 shares changed hands hands in the counter on BSE.

On 28 March, Accel Frontline had announced a strategic partnership with Seagate Technologies, USA, for providing data recovery services.

On 26 January 2007, Accel Frontline acquired the banking solutions division of Chennai-based Telesis Global Solutions in a slump sale.

Accel Frontline had earmarked Rs 25 crore out of its Rs 40-crore initial public offering for acquisitions.

Accel Frontline posted a 64% rise in net profit for the December 2006 quarter to Rs 4.56 crore (Rs 2.77 crore). Net sales for the December 2006 quarter rose to Rs 53.53 crore (Rs 50.23 crore).

In October 2006, Accel Frontline entered the capital market with an initial public offer (IPO) of 56,35,950 equity shares of face value Rs 10 each.

Accel Frontline is a joint venture company formed between Accel ICIM Systems & Services and Frontline Technologies Corporation, Singapore. It is a SEI - CMMi Level 5 company, which is one of the highest in quality standards for IT service providers. Thus the firm has joined the elite group of top-50 companies around the world with this certification.

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