OFSS shares reverse early gains; drop over 1% as company comments on price surge

“We hereby clarify that there is no unpublished event/information/announcement relating to the operation/performance of the Company which is required to be disclosed to the Stock Exchange(s) under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, that may have a bearing on the price/volume of the Shares of the Company,” OFSS said in a regulatory.

The company further stated that OFSS shares are freely traded on the stock exchanges, and they are unable to comment on the surge in trading volume.

At 10:30 AM, shares of OFSS were trading at ₹9,165 apiece, declining 1.07%. At the time of writing the piece, the stock had touched an intraday high of ₹9,950 per share and a low of ₹9,125.50.

OFSS’ parent firm Oracle soared 35.9% and was potentially heading for its best day since 1992. The stock rallied amid a strong growth forecast from Oracle because of the artificial-intelligence boom.

Oracle reported a 12% rise in revenue to $14.9 billion for the quarter ending August 31, up from $13.3 billion in the same period last year. However, the company’s net income remained largely unchanged at $2.93 billion, or $1.01 per share, compared to $2.93 billion, or $1.03 per share, in the year-ago quarter.

Oracle had signed four multi-billion-dollar contracts with three different customers in the first quarter, contributing to the revenue increase.

The company expects its Oracle Cloud Infrastructure (OCI) business to surpass $500 billion in booked revenue, driven by strong demand for its cost-effective cloud infrastructure services. Oracle’s remaining performance obligations (RPO), a key indicator of future booked revenue, surged 359% to $455 billion in Q1.

During the quarter, OpenAI announced an agreement with Oracle to develop 4.5 gigawatts of data centre capacity in the US. Oracle has also said that Google’s Gemini AI models would be made available on Oracle Cloud Infrastructure.

Oracle co-founder Larry Ellison wrested the title of the world's richest man from long-time holder Elon Musk on Wednesday, according to wealth tracker Bloomberg, as stock in his software giant rocketed more than a third in a stunning few minutes of trading.