Puts Purchased on iGATE Corporation (IGTE)

Shares of iGATE Corporation IGTE are lower on the session by 2.16%, currently trading at $17.22. The stock has been moving largely sideways over the past four months and is currently consolidating around the 50-day and 200-day moving averages. Options traders are buying puts on the name today. A short while ago the September 2011 $17.50 put was purchased 1,00 times, on the offer, for $2.60 on open interest of only 134 contracts. Overall put volume is now running at 11.54x the daily average with 94% of all puts traded being purchases on the offer. iGATE Corporation, through its operating subsidiaries, is a provider of information technology and IT- enabled operations offshore outsourcing services to large and medium-sized organizations. iGATE provides end-to-end business solutions that leverage technology thus enabling its clients to enhance business performance.