Coforge shares rise 4% as brokerage Motilal Oswal turns bullish
Coforge stock rose to Rs 6,740 today against the previous close of Rs 6487.55 on BSE. The IT stock has gained 22.03% in one year and risen 9.40% since the beginning of this year
- Sep 10, 2024,
- Updated Sep 10, 2024 12:10 PM IST
Shares of Coforge Ltd rose 4% in early deals on Tuesday after brokerage Motilal Oswal upgraded its stance on the IT firm to buy. It assigned a price target of Rs 8,100 per share as the brokerage believes Coforge can leverage synergies from Cigniti. Healthy growth in Coforge’s executable order book bodes well for its core business, said the brokerage.
The stock rose to Rs 6,740 today against the previous close of Rs 6487.55 on BSE. The IT stock has gained 22.03% in one year and risen 9.40% since the beginning of this year.
Coforge stock has a PE of 57.80 with the sectoral PE of 37.75. Coforge shares have a beta of 0.8, indicating low volatility in a year.
In terms of technicals, the relative strength index (RSI) of the stock stands at 64.3, signaling it's trading neither in the overbought or oversold zone. Coforge stock trades higher than the 5-day, 10 day, 20-day, 30 day, 50-day, 100 day, 150 day and 200 day moving averages.
The IT firm reported a 40.5% dip in profit in the first quarter of fiscal 2025. The company reported a net profit of Rs 133.2 crore in Q1 due to the one-off effect of the Cigniti Technologies acquisition. Revenue from operations climbed 1.8% to Rs 2,400.8 crore. This was a 1.8% rise on a quarter-on-quarter basis, and a 8.1% rise in revenue on a year on year basis.
On a year on year (YoY) basis, the IT firm’s net profit slipped 19.41% while revenue rose 8.09% in Q1 FY25. Profit before tax came at Rs 204.7 crore in June 2024 quarter, down 28.32% QoQ and down 8.69% YoY.
Coforge Limited is an India-based information technology (IT) solution company. It is engaged in the in-application development and maintenance, managed services, cloud computing and business process outsourcing. The Company provides computer programming consultancy and related activities. Its geographical segments include Americas, Europe, Middle East and Africa (EMEA), Asia Pacific (APAC), and I
Shares of Coforge Ltd rose 4% in early deals on Tuesday after brokerage Motilal Oswal upgraded its stance on the IT firm to buy. It assigned a price target of Rs 8,100 per share as the brokerage believes Coforge can leverage synergies from Cigniti. Healthy growth in Coforge’s executable order book bodes well for its core business, said the brokerage.
The stock rose to Rs 6,740 today against the previous close of Rs 6487.55 on BSE. The IT stock has gained 22.03% in one year and risen 9.40% since the beginning of this year.
Coforge stock has a PE of 57.80 with the sectoral PE of 37.75. Coforge shares have a beta of 0.8, indicating low volatility in a year.
In terms of technicals, the relative strength index (RSI) of the stock stands at 64.3, signaling it's trading neither in the overbought or oversold zone. Coforge stock trades higher than the 5-day, 10 day, 20-day, 30 day, 50-day, 100 day, 150 day and 200 day moving averages.
The IT firm reported a 40.5% dip in profit in the first quarter of fiscal 2025. The company reported a net profit of Rs 133.2 crore in Q1 due to the one-off effect of the Cigniti Technologies acquisition. Revenue from operations climbed 1.8% to Rs 2,400.8 crore. This was a 1.8% rise on a quarter-on-quarter basis, and a 8.1% rise in revenue on a year on year basis.
On a year on year (YoY) basis, the IT firm’s net profit slipped 19.41% while revenue rose 8.09% in Q1 FY25. Profit before tax came at Rs 204.7 crore in June 2024 quarter, down 28.32% QoQ and down 8.69% YoY.
Coforge Limited is an India-based information technology (IT) solution company. It is engaged in the in-application development and maintenance, managed services, cloud computing and business process outsourcing. The Company provides computer programming consultancy and related activities. Its geographical segments include Americas, Europe, Middle East and Africa (EMEA), Asia Pacific (APAC), and I