Birlasoft share price hit a fresh 52 week high after the firm announced a global strategic cloud alliance with Microsoft. Share price of Birlasoft rose 18.49% intra day to Rs 177.8 against previous close of Rs 150.05 on BSE. Birlasoft share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Total 10.86 lakh shares changed hands amounting to turnover of Rs 18.39 crore on BSE. Later, the share closed 14.13% higher at Rs 171.25 on BSE.
Market cap of the firm rise to Rs 3,974 crore. Later, the share closed 14.53% or Rs 18.20 higher at Rs 143.35 on BSE. The share has gained 181% in one year and risen 142% since the beginning of this year. In a month, the share has gained 57.91%.
Birlasoft Ltd, a part of diversified CK Birla Group said it plans to scale its Microsoft cloud business to USD 100 million (around Rs 746 crore).
"With this collaboration, Birlasoft is strategically positioned to support its enterprise clients with their cloud transformation needs, right from infrastructure to business applications," it added.
Building on the current collaboration, Birlasoft will focus on delivering end-to-end services on Microsoft Azure, Microsoft 365, and Microsoft Dynamics 365 to its clients, it said.
"Birlasoft has plans to scale its current Microsoft cloud business to USD 100 million. Together with Microsoft, Birlasoft will create innovative industry solutions and enable customers in focus industries to adopt Microsoft cloud technologies and services," it added.
In Q1, Birlasoft reported consolidated net profit of Rs 56.3 crore for the June 2020 quarter against Rs 41.8 crore for April-June 2019. Revenue from operations rose 17.7 percent to Rs 914.6 crore in Q1 from Rs 777.2 crore in the year-ago period.