​Shares of Oracle Financial Services surged to fresh highs. Know why

Shares of Oracle Financial Services, a provider of accounting and ERP software, surged to fresh highs after the company's quarterly profit jumped on the back of higher products licensing business.

Oracle Financial said its first quarter Net Profit rose 9.2 percent to 268.4 crore rupees compared with 201.5 crore rupees in the same quarter a year ago. Sales during April-June gained 9.2 percent to 893.8 crore rupees from 818.2 crore rupees in the year ago period.

Oracle, owned by billionaire Larry Ellison, rose 96 rupees, or 2.3 percent, to 4,308 rupees, making it to the list of top F&O gainers on the National Stock Exchange, where 76,000 shares were traded by 11:25 am compared with the 5-day average of 56,000 shares.

Oracle's market capitalisation has jumped 28 percent in the past one year to 36,800 crore rupees as investors homed into predictable revenue streams and a strong brand recall at the company.

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