Oracle Financial Services Software Explains Why Shares Surged

Mumbai: Oracle Financial Services Sofware (OFSS) on Thursday notified the exchanges explaining the reasons for the bumper gains in its stocks. Stocks of Oracle Financial Services and its US-subsidiary Oracle Corporation (trading in US markets) have seen a phenomenal jump in recent days.

The exchanges had sought information on reasons for the jump in the stock pricing. OFSS stocks rallied 14 percent in 4 days. In fact the US-arm of OFSS saw Co-Founder Larry Ellison's wealth soar by $101 billion within one session. So much of wealth was generated that Ellison became the world's richest man overnight.

In its filing, OFSS Company Secretary responded that shares of the stock were freely trading across bourses and hence the company did not have a direct answer to this trend. However, the company also clarified that there has been no unpublished event relating to operations or performance of material importance and that which has not been disclosed to the stock exchanges.

While OFSS did not divulge any additional details, investors seem to have latched on to a trend of scrutinizing IT stocks. In American markets, especially, there has been a renewed surge in tracking IT and AI stocks - such as the likes of FANG (Facebook Amazon, Apple, Netflix and Google as well as big-names such as Microsoft, Nvidia, TSMC (Taiwan Semiconductor Manufacturing Company Ltd), etc.