Indra Rises Most in Six Months After Presenting Strategic PlanMacarena Munoz
Indra Sistemas SA rose by the most in almost six months after the Spanish technology provider presented a strategic plan to improve profitability.
The shares rose 13.3 percent at 3:13 p.m. to 10.38 euros, having risen to 10.77 euros, the highest intraday move since Jan. 29, when Telefonica SA acquired a stake. About 4 million shares traded, twice the three-month daily average. Indra was the biggest percentage gainer on Madrid benchmark IBEX 35, which was up 0.9 percent.
Six months after taking over as Chairman, Francisco Abril-Martorell is focusing on cutting costs and growing sales. Under the strategic plan, Indra said it sought annual cost savings of about 180 million euros ($199 million) to 200 million euros and was cutting 1,850 jobs.
Indra sees annual average sales growth of about 2.5 percent to 4.5 percent through 2018 as it targets recurrent Ebit margin of 10 percent to 11 percent after three years, the company said Wednesday in a regulatory filing.