KPIT Tech shares: FPI holding in the IT firm stood at 23.42 per cent as on March 31, as per a BSE filing, which was the highest since September quarter of 2019. FPIs held 20.26 per cent stake in KPIT Tech as on December 31, 2022.
KPIT Tech has witnessed a steep fall from the Rs 940 level. The negative bias has weakened the trend and the near-term support for the stock stands at Rs 730 level.
KPIT’s M&A strategy has been focused on acquiring capabilities. It has done four acquisitions over the past two years for a cumulative amount of $166mn with the biggest being Technica in September 2022 for $110 million
KPIT Technologies shares: JPMorgan initiated an 'underweight' rating on the scrip with a 12-month target of Rs 520, which was far lower than the average target of Rs 794 on the stock, based on 11 analyst recommendations.