The announcement was made after market hours on Wednesday, 2 February 2011.

Meanwhile, the BSE Sensex was up 267.40 points, or 1.48%, to 18,358.02.

On BSE, 678 shares were traded in the counter as against an average daily volume of 1,932 shares in the past one quarter.

The stock hit a high of Rs 43.50 and a low of Rs 42 so far during the day. The stock had hit a 52-week high of Rs 68.75 on 20 May 2010 and a 52-week low of Rs 36.15 on 31 December 2010.

The stock had underperformed the market over the past one month till 2 February 2011, gaining 11.35% compared with the Sensex's 11.79% decline. The scrip had also underperformed the market in past one quarter, rising 2.13% as against 11.08% decline in the Sensex.

The small-cap offshore software product development company has an equity capital of Rs 12.36 crore. Face value per share is Rs 10.

On a consolidated basis, California Software Company reported a net loss of Rs 6.18 crore in Q2 September 2010 compared with a net profit of Rs 0.16 crore in Q2 September 2009. Net sales fell 48.1% to Rs 43.46 crore in Q2 September 2010 over Q2 September 2009.