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Persistent Systems slips 8% in two sessions

Capital Market 

Persistent Systems fell 2.82% to Rs 1,254.75, extending losses for the second consecutive day.

Shares of Persistent Systems dropped 8.33% in two trading sessions from a recent closing high of Rs 1,368.80 hit on 14 October 2020.

Meanwhile, Persistent Systems on 15 October 2020 announced it has entered into an agreement to acquire Palo Alto, CA-based CAPIOT, including its subsidiaries in Australia, India and Singapore. Founded in 2014, CAPIOT specializes in enterprise integration with valuable expertise in MuleSoft, Red Hat and TIBCO. In addition, CAPIOT delivers enterprise modernization, leading with advanced proficiency in key partner platforms, frameworks and industry data models.

The scrip has surged 198.75% from its 52-week low of Rs 420 hit on 23 March 2020.

Persistent Systems' consolidated net profit rose 7.37% to Rs 90.01 crore on 7.01% increase in revenue from operations to Rs 991.39 crore in Q1 June 2020 over Q4 March 2020.

Persistent Systems is a global solutions company delivering digital business acceleration, enterprise modernization and digital product engineering for businesses across all industries and geographies.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, October 16 2020. 11:53 IST