The company made this announcement during trading hours today, 16 June 2008.

Meanwhile, the BSE Sensex was up 277.32 points, or 1.83%, to 15,466.94, on positive cues from global markets. US stocks closed higher on Friday, 13 June 2008, helped by a government report that showed underlying price pressures rose moderately in May 2008, easing fears that inflation would force a near-term rise in interest rates.

On BSE, 12,679 shares were traded in the counter. The scrip had an average daily volume of 1.54 lakh shares in the past one quarter.

The stock hit a high of Rs 203.50 and a low of Rs 195.75 so far during the day. The stock had a 52-week high of Rs 310 on 15 January 2008 and a 52-week low of Rs 109.05 on 24 March 2008.

The small-cap company had underperformed the market over the past one month till 13 June 2008, declining 23.26% compared to the Sensex?s decline of 12.47%. It had outperformed the market in the past one quarter, rising 28.51% compared to Sensex?s decline of 3.62%.

The company has an equity capital of Rs 9.72 crore. Face value per share is Rs 5.

The current price of Rs 203.50 discounts its Q4 March 2008 annualised EPS of Rs 13.91, by a PE multiple of 14.63.

Veeras Infotek a Chennai based Rs 50 crore security and availability solution provider will focus on business applications, infrastructure integration and information integrity solutions. The acquisition of the controlling stake in the company will be funded by internal accruals, Gemini Communication said.

With the current order book position of Rs 250 crore and with Veeras Infotek's acquisition, the company's profits are likely to grow by 50% in the year ending March 2009 over the year ended March 2008, Gemini Communications said.

Gemini Communications? net profit rose 2.42% to Rs 6.76 crore on a 47.20% rise in net sales to Rs 61.09 crore in Q4 March 2008 over Q3 December 2007.

Gemini Communication provides Internet broadband services. The company also provides computer networks solutions.

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