NEW DELHI, May 29: So what's in a name? A lot, if you are a shareholder of Century International Finance. Overnight, it could mean big gains on the bourses. The reason: the company has changed its name to Cyberspace Infosys Ltd. An Infosys tag has done wonders to the scrip on the bourses. Over the last five trading sessions, the scrip has been hitting the upper end of the circuit filter, scaling new highs everyday.The company decided to get into the software business and got shareholders' approval at an extraordinary general meeting held on March 25. According to an official of the company, it has received a major order from GE for software development. ``We have started work in the software business recently,'' he said. The scrip started climbing from Rs 16.95 early April. It started scaling new highs everyday beginning May 21, the day when the change in the company's name to Cyberspace Infosys Ltd took effect. On Thursday, the scrip closed at Rs 40.45.
Basically a finance company, Century InternationalFinance was promoted by A K Johari, who is also the director of the company. For 1996-97, the company had a total income of Rs 2.3 crore and a net profit of Rs 1.5 crore.
Johari is a member of the BSE, NSE and ASE. The company had come out with a public issue in 1994, which was oversubscribed by 12 times.
Over the last three years the company's scrip has been trading in the range of Rs 15 to 20 with thin volumes. The big break for the scrip came from the change in name. The timing of the shift in business to software and the change in name have helped the scrip touch new highs everyday.
Thanks to the relentless bull run in infotech stocks, even a change in name can carry a company into cyberspace.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
