Shares of technology infrastructure firm Spanco spurted by nearly 13 per cent in early trade on the bourses today after the company’s business process outsourcing arm was granted a five-year tax holiday by the Nigerian government.
The company has a $250 million BPO deal with Bharti Airtel in Nigeria.
Buoyed by the news, shares of the company opened on a robust note and jumped 12.94 per cent to an early high of Rs 74.15 on the BSE.
Similarly, on the NSE, the stock surged to an early high of Rs 74.60, up 12 per cent from its previous closing price.
The announcement was made after market hours yesterday.
The company has been given ‘Pioneer Status’ by the Nigerian Investment Promotion Council (NIPC) for its business process outsourcing activities in the country.
The grant of ‘Pioneer Status’ to an industry is aimed at enabling the sector concerned to make a reasonable level of profit within its formative years, the company said in a regulatory filing to the stock exchanges.
The profit so made is expected to be ploughed back into the business, it added.