The stock market was once again in a downtrend on Wednesday. Nifty once again broke important support levels and closed below the 24200 level. Nifty closed at 24199 level on Wednesday with a fall of 137 points.

In this weak market, IT sector stock Quicktouch Technologies Limited saw heavy buying and closed at Rs 97.0 with a gain of 5%.

Shares of Quicktouch Technologies Limited rose 6.93 percent on Wednesday and reached an intraday high of Rs 98.80. However, its closing was slightly below the day high at Rs 97.00. The stock has a 52-week high of Rs 256.95 and a 52-week low of Rs 88.

Quicktouch Technologies Limited is an IT company. The company is in the business of software IT solutions and consulting services, IT product / software development and software commercial trading and web designing.

The company has presented positive figures in its quarterly results (Q2FY25) and half-yearly results (H1FY25). According to the quarterly results, the company recorded a total income of Rs 25.08 crore and a net profit of Rs 2.06 crore in Q2FY25. In its half-yearly results, total income grew 44 per cent to Rs 67.49 crore and net profit grew 5 per cent to Rs 3.58 crore in H1FY25 as compared to H1FY24.

The company has converted 10,00,000 warrants into equal number of equity shares at Rs 196.17 per share. Allottees paid Rs 147.13 per warrant, aggregating to Rs 14,71,27,500. This conversion has increased the issued and paid-up capital of the company to Rs 10,81,59,960, comprising 1,08,15,996 equity shares of Rs 10 per share. In addition, 95,50,000 warrants are outstanding and their holders can convert them into equity shares by paying Rs 147.13 per warrant within 18 months.

The company's shares have a PE of 8 times, ROE of 14 percent and ROCE of 15 percent. The stock is up 12.3 percent from its 52-week low of Rs 88 per share.