As of 11:02 AM, two major IT stocks—Coforge and Persistent Systems—have surged significantly, both registering gains of over 10%.
- Coforge Ltd: The stock is up 11.01%, gaining ₹748.60, bringing its price to ₹7,548.85 on the NSE.
- Persistent Systems Ltd: The stock has surged by 11.19%, rising by ₹577.00 to ₹5,735.20 on the NSE.
The impressive surge in both stocks reflects strong market sentiment, likely driven by positive earnings reports and robust business growth within the IT sector.
What brokerages are saying on Coforge and Persistent Systems:
Coforge
- Nomura: Maintained a buy rating on Coforge, citing strong organic revenue growth of 5.5% in constant currency (CC) terms and a 43% QoQ increase in new orders. The brokerage expects Coforge to continue delivering robust growth.
Persistent Systems
- Nomura: Gave a neutral rating with a target price of ₹5,200. Despite Q2 revenue growth of 5% in constant currency, exceeding the estimated 4.3%, Persistent’s EBIT margin stood at 14%, which aligned with the market’s expectations. Nomura believes Persistent’s margin improvement in the coming quarters is key to further stock growth.
The strong earnings growth and positive brokerage views on these companies’ performance have fueled investor enthusiasm, leading to the surge in share prices. As IT companies continue to deliver strong results, these stocks are attracting significant market attention.
Disclaimer: The information provided is for informational purposes only and should not be construed as investment advice.
