Coforge rose 0.87% to Rs 2226.50 on value buying after the stock corrected in the past four sessions.
The stock tumbled 14.26% in the past four sessions to settle at Rs 2,207.30 yesterday, from its recent closing high of Rs 2,574.65 on 20 October 2020.
On Monday (26 October 2020), the company's promoter, Hulst B.V, sold 38 lakh shares, or 6.28% equity, worth Rs 878.14 crore in Coforge.
Hulst B.V sold 9 lakh shares (1.45%) of the company on the BSE at an average price of Rs 2,312.03 apiece. It sold 29 lakh shares (4.79%) of the company on the NSE at an average price of Rs 2,310.56 per share.
Post the share sale, Hulst B.V held 64% stake in Coforge as against 70.28% stake as on 30 September 2020.
Coforge, formerly NIIT Technologies, is an information technology (IT) solutions company. The principal business activity of the company is computer program consultancy and related services. The firm is engaged in application development and maintenance, managed services, cloud computing and business process outsourcing.
The IT firm reported a 47.40% growth in consolidated net profit to Rs 122.20 crore on a 9.14% increase in net sales to Rs 1,153.70 crore in Q2 September 2020 over Q1 June 2020.
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