Midcaps Persistent Systems and ICRA alongwith smallcap Valiant Labs look technically strong on charts, following the formation of 'Golden Cross' on Wednesday.
These rather are your next-door citizens who have the potential to over-deliver. These same also have experienced around 2.5 per cent positive earnings revisions for FY26 in May, Bernstein said
Stocks to buy today, June 18: Chandan Taparia of Motilal Oswal shares Nifty and Bank Nifty outlook today, along with three stocks to buy today
Infosys, Persistent Systems and Mphasis are likely to trade with a favourable bias as a key momentum indicator - the MACD has turned positive on the technical charts for these 3 IT stocks.
These 3 midcap stocks, across sectors, have witnessed a positive breakout on different key parameters, show technical charts.
Mid-tier IT company Persistent Systems on Thursday posted a 25 per cent jump in March quarter profit to Rs 395.76 crore. The Pune-headquartered company reported a net profit of Rs 315.32 crore in the year-ago period. Its revenues grew 25.2 per cent to Rs 3,242 crore from Rs 2,591 crore in the year-ago period, while operating profit margin expanded to 15.6 per cent from 14.5 per cent in the year-ago period. Its Chief Financial Officer Vinit Teredesai said the margins will further expand up to 2 percentage points in FY26. Speaking to PTI, he also added that the company is maintaining its aspiration of getting USD 2 billion in revenues by FY26, as against USD 1.4 billion in FY25 despite the ongoing uncertainties. He said it is very difficult to predict the exact outcome for the company from the shift in trade policies, and added that deal signings have become sluggish as customers adopt a cautious stance. The company's new deal signings declined to USD 517.5 million in the reporting
The downturn in IT stocks can be attributed to fears around recession and as manufacturing hubs in China and Taiwan face new tariffs above 30 per cent
At 9:57 AM, the Nifty IT index was trading lower by 2.30 per cent, at 39,612. It touched an intra-day low of 39,465.75 during the session so far.
Why are midcap IT stocks rising today: Persistent Systems share price soared 8 per cent to Rs 6,163.45 per share after the company reported broad-based growth across geographies and segments.
The fall in Persistent Systems share price came in anticipation of December quarter of financial year 2025 (Q3FY25) results, which will be announced later today
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The previous session closed out 2024 with mixed sentiments. Despite a strong recovery from intraday lows, the benchmarks ended in the red, weighed down by losses in IT & select banking shares
Persistent Systems led the decline, plunging 4.78 per cent to Rs 6,320.50. Mphasis also fell sharply, down 3.38 per cent at Rs 2,836. Coforge dropped 2.77 per cent to Rs 9,546
The rupee fell 2 paise to near all-time low of 84.85 against the US dollar in early trade on Thursday on the back of foreign fund outflows and rising crude oil prices
At 10:16 AM, with a market cap of Rs 1.01 trillion, Persistent Systems was trading 2 per cent higher at Rs 6,473.05 on the BSE, exchange data showed
By 11:11 AM, the Nifty IT index had come off its peak but was still trading 0.82 per cent higher at 45,199.40. In comparison, the broader Nifty50 index was up a modest 0.11 per cent at 24,646.30
The information technology (IT) stocks were in great demand on Wednesday, with Nifty IT index surging 3.56 per cent in intraday deals
The company continues to outpace the industry. Healthcare, and banking, financial services and insurance (BFSI) were the two verticals contributing to growth
Analysts anticipate growth momentum to return in FY25 for IT sector, aided by a lower base coupled with easing sectoral headwinds.
Persistent System's consolidated net profit grew 23.44 per cent to Rs 324.90 crore in the September quarter (Q2FY25). The company's profit stood at Rs 263.2 crore in the year-ago period (Q2FY24)