The company announced the acquisition on Tuesday, 9 December 2008.

Meanwhile, the BSE Sensex was up 199.92 points, or 2.18%, to 9,362.54.

On BSE, 449 shares were traded in the counter. The stock had an average daily volume of 41,058 shares in the past one quarter.

The stock hit a high of Rs 534.70 and a low of Rs 530.10 so far during the day. The stock hit a 52-week high of Rs 2689.90 on 1 January 2008 and a 52-week low of Rs 426 on 27 October 2008.

The mid-cap stock had underperformed the market over the past one month till 8 December 2008, declining 23.81% as compared to the Sensex's decline of 8.05%. It had also underperformed the market in the past one quarter, rising 64.97% as compared to the Sensex's decline of 38.69%.

The company's current equity is Rs 9.18 crore. Face value per share is Rs 2.

The current price of Rs 534 discounts the company's Q2 September 2008 annualized EPS of Rs 67.15, by a PE multiple of 7.95.

Financial Technologies India group has agreed to buy 60% stake in Botswana-based Bourse Africa. Bourse Africa has been licensed by the Botswana government to set-up a spot and derivative multi-asset exchange for trading in commodities, currencies, bonds and diamonds.

The balance stake in Bourse Africa will be held by other African financial institutions, banks, exchanges and other strategic investors.

The exchange will have a pan-Africa presence that will connect all the major countries in Africa, Financial Technologies said in the statement.

Financial Technologies India had in October 2008 entered into an agreement to acquire 90% stake in based ACE Group, a global credit support organization providing third party asset management, quality assurance and inspection services, for $22.5 million.

Financial Technologies' net profit fell 54.64% to Rs 77.05 crore on 171.5% increase in net sales to Rs 119.46 crore in Q2 September 2008 over Q1 June 2008.

Financial Technologies India develops software solutions used in online trading terminals.

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