Happiest Minds Technologies jumped 4.26% to Rs 560.5, extending its winning run to tenth consecutive session.Shares of Happiest Minds zoomed 60.6% in ten trading sessions from its previous closing low of Rs 348.8 on 8 February 2021. The counter hit a record high of Rs 576.25 in intraday trade today. The stock has zoomed 96.2% from its 52-week low of Rs 285.55 recorded on 5 November 2020.
The counter saw demand after posting robust Q3 results on 10 February 2021. The IT company's consolidated net profit rose 23.7% to Rs 42.15 crore on 5.47% increase in revenue to Rs 192.84 crore in Q3 December 2020 (Q3 FY21) over Q2 September 2020 (Q2 FY21). Consolidated net profit grew 97% and revenue rose 12.4% in Q3 FY21 over Q3 FY20.
Profit before tax (PBT) in Q3 FY21 stood at Rs 53.27 crore, up by 24.84% from Rs 42.67 crore in Q2 FY21. EBITDA grew by 20.9% quarter on quarter to Rs 59.69 crore in Q3 FY21 from Rs 49.39 crore in Q2 FY21. EBITDA margin improved to 29.7% in Q3 FY21 from 26.3% in Q2 FY21.
On the technical front, the stock's RSI (relative strength index) stood at 91.028. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock is trading above its 50 and 100 days simple moving average placed at 365.62 and 347.23 respectively. These levels will act as crucial support zones in near term.
Bengaluru-based Happiest Mind Technologies is an IT services provider. It leverages a spectrum of technologies such as: Big Data Analytics, AI & Cognitive Computing, Internet of Things, Cloud, Security, SDN-NFV, Blockchain, Automation including RPA, etc.
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