GTL was the subject of action by punters on Tuesday as the company announced that it was considering acquiring another company.

By 11:55 IST, the scrip of GTL spurted 9.85% to Rs 85.85. Relatively high volumes of over 2.14 million GTL shares accompanied the rise in the stock.

Punters, usually active on the counter, have taken charge here on Tuesday after the company's latest proposal.

After market hours yesterday, GTL announced that it was considering acquiring another company and would be taking up the matter at its board of directors meeting on 24 February 2003. The company will also discuss valuation reports relating to Indian/overseas companies.

Earlier, while announcing its results, the company said it had considered and recommended the proposal for exploring various opportunities including alliances with some large organisations that are engaged in the business of supply chain in information technology and which represent global brands such as HP, Samsung, Cisco, Intel, Microsoft, IBM to name a few.

The board has constituted a Committee of Directors to define the scope of the said proposal and to appoint appropriate agencies such as investment bankers, independent valuers and advisors to evaluate their findings and thereafter submit the report to it for consideration

For the third quarter ended 31 December 2002, GTL, on a consolidated basis, registered an 18.3% fall in net profit to Rs 19.68 crore on a 12.85% rise in net sales to Rs 156.76 crore. During the quarter, GTL added 128 people (2 internationally). The total manpower of the company (including 227 contractual and 136 international) as on 31 December 2002 stood at 2,846 as against 2.718 (including 228 contractual and 134 international) as on 30 September 2002.

GTL had earlier given a guidance of an annual growth of 7.5%-10% in revenues for FY 2002-03. The management of GTL had indicated that the given guidance is a cautious guidance and it has been given considering the difficult environment. However, it was confident that it would achieve its guidance for the year.

BSE code: 500660