KPIT Technologies’ stock saw a 6% jump after JP Morgan reiterated its ‘Overweight’ rating, setting a target price of ₹1,900. The brokerage believes KPIT is a “fallen hero” poised for a rebound, attributing recent performance softness to temporary factors rather than structural issues. Key growth drivers include the company’s strong focus on electric and hybrid vehicle technologies.
JP Morgan forecasts a 42% upside potential, with a minimal 10% downside risk, reflecting optimism about KPIT’s strong position in the automotive tech sector.
The company also reported an impressive 55% YoY growth in net profit and a 31.5% YoY increase in constant currency revenue for Q3 FY24.
KPIT Technologies’ stock opened at ₹1,374.85, reaching a high of ₹1,421.80 and a low of ₹1,365.75 during the session. The stock’s 52-week high stands at ₹1,928.70, while the 52-week low is ₹1,283.25.
As of 10:06 am, KPIT Technologies shares were trading 5.66% higher at Rs 1,417.20 on the NSE.
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