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Provider: Thomson Reuters Stock Report
Provider: Reuters Investment Profile
Provider: Wright Reports
Provider: Spark Capital Advisors(India) Private Limited

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Polaris Financial Technology Ltd Denies Reports On Sales Of Services Business-Business Standard

Wednesday, 3 Jul 2013 07:27am EDT 

Business Standard reported that Polaris Financial Technology Ltd has said that the reports about the Company planning to sell its services business are just speculations. Speaking to reporters while announcing its plans to grow with the support of a recently launched design centre, Arun Jain, Chairman and CEO of the Company said, Whenever there is a restructuring, we hear such things. We have been hearing such speculations for several years. It may be noted that there has been reports in past several months that the Company is in touch with various firms including Cognizant Technology Solutions, Wipro and Larsen & Toubro related to sales of the services business. The Company has restructured its operations with clear identity to increase the growth. The services business is around $340 million revenue while the Global Transaction Banking business is expected to be at $50-$60 million, core banking system at around $40 million and the comparatively new Insurance business at $12 million, during the current year, he said. 

Company Quote

0.55 +0.21%
6:28am EDT