Coforge slumps after block deal

Coforge dropped 6.58% to Rs 4255.80 after a large block deal took place in the initial deals on the BSE today.

The Coforge counter witnessed volume of 69.06 lakh shares by 14:35 IST on BSE, a 368.78 times surge over two-week average daily volume of 19,000 shares.

At 9:15 IST, around 61.75 lakh equity shares, representing 10.14% of total equity of Coforge, changed hands at the counter on the BSE. The names of the buyers and sellers could not be ascertained.

As on 31 December 2021, the promoter, Hulst BV held 49.97% stake in Coforge.

Coforge is a leading global IT solutions organization. Its proprietary platforms power critical business processes across the financial services and travel industries.

On a consolidated basis, Coforge's net profit increased 25.2% to Rs 183.7 crore on 5.7% rise in revenue to Rs 1,658.1 crore in Q3 FY22 over Q2 FY22. Adjusted EBITDA in the third quarter was Rs 322.6 crore, up 10.4% QoQ and up 50.4% YoY. Adjusted EBITDA margin for the quarter expanded to 19.5%.

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