Stock Market News: THIS IT company gains 6 percent, 752454 shares exchanged hands, check details here

The acquisition will be conducted through an all-equity swap and will be subject to detailed due diligence, valuation, and all necessary legal and regulatory approvals.

Shares of smallcap IT company Blue Cloud Softech Solutions Ltd. are seeing a strong gain of nearly 6 percent today. As of last seen, the stock was trading at 19.61 rupees, up 5.54% or 1.03 rupees on the BSE. The company’s equity shares traded at 752,454 at the time of writing the report. The stock opened at ₹18.80 on the BSE today and has touched an intraday high of ₹19.70.

The company recently announced in a filing that it has approved ConnectM Technology Solutions, Inc.’s proposal to acquire 100% of Global Impex Inc.’s stake. The acquisition will be conducted through an all-equity swap and will be subject to detailed due diligence, valuation, and all necessary legal and regulatory approvals.

Global Impex Inc. comprises several of ConnectM’s key India-focused businesses and assets, such as electric mobility solutions, rooftop solar and clean energy businesses (CER and CER Rooftop), distributed microgrids, Geo Impex infrastructure assets and their associated companies.

In addition, the company also holds exclusive licenses to use certain technologies developed by ConnectM and its wholly-owned subsidiary, Keen Labs, in India.

Blue Cloud is in line with Softech’s long-term strategy and SPV-based value creation model. The company aims to integrate clean energy, mobility, and distributed infrastructure assets under the ‘Blue Energy’ vertical, adding advanced technologies such as virtual power plants, battery systems, smart mobility, and AI-based energy management, and rapidly expand by leveraging its relationships with government institutions, public sector undertakings, and the telecom sector.

Meanwhile, Stock market benchmark indices Sensex and Nifty rallied in early trade on Wednesday, building on gains of the past two trading sessions, amid a drop in crude oil prices and a firm trend in global peers.

A sharp rally in IT stocks also led to the optimistic trend in the domestic markets. The 30-share BSE Sensex jumped 518.84 points to 76,589.68 in early trade. The 50-share NSE Nifty surged 157.75 points to 23,738.90.