MphasiS shares jump after Digital Risk buy

Shares in MphasiS Ltd rose as much as 6.1 per cent after the company, a unit of Hewlett-Packard Co, agreed to buy U.S.-based Digital Risk LLC, a mortgage management specialist, for $175 million.

MphasiS said in a statement that Digital Risk is expected to register revenues of $127 million in CY2012.

The company has maintained that it would be looking at acquisitions to utilize the huge cash and cash equivalents of Rs 2,300 crore on the books.

Shares up 4.24 per cent at Rs 404.60.

Copyright @ Thomson Reuters 2012