Sachin Tikekar, Co-founder and Joint MD, KPIT said, “We are experiencing greater traction with our strategic clients as we move further in creating trusted partnerships with our clients to help them accelerate their transformation. The attrition has been consistently falling over the last 3 quarters.”
Among Sensex stocks, Tata Motors, JSW Steel, UltraTech Cement, M&M, Sun Pharma, Airtel, and Bajaj Finance opened with gains, while Asian Paints, Infosys, ITC, Wipro, and Maruti opened with cuts.
Several companies in India, including Varun Beverages, KPIT Technologies, Siemens, Bosch, Tata Chemicals, and EID-Parry, crossed their 50-day Simple Moving Average (SMA) on July 24, indicating potential uptrends in their stock prices. Varun Beverages and KPIT Technologies showed robust performance, while Siemens, Bosch, Tata Chemicals, and EID-Parry demonstrated positive momentum with their stocks crossing the 50-day SMA. These companies operate in diverse sectors, including manufacturing, IT consulting, engineering, and consumer products.
KPIT Technologies, a Pune-based company, reported a 53.36% increase in net profit to INR134.44 crore in Q1 2022, supported by revenue growth. The firms revenue from operations surged over 60% to INR1,097.6 crore YoY. Kishor Patil, CEO and MD of KPIT Technologies, said that the company continues to maintain its earlier guidance
Shares of KPIT Technologies Ltd have turned into a multibagger in the last three years. The IT stock, which closed at Rs 68.5 on July 17, 2020 ended at Rs 1,084.85 in the previous session, delivering 1,483% returns during the period. An amount of Rs 1 lakh invested in KPIT Technologies stock three years ago would have turned into Rs 15.83 lakh today. In comparison, Sensex has risen 81.25 per cent during the period. The stock touched an all-time high of Rs 1159.95 on June 7, 2023 and a 52 week low of Rs 500 on June 19, 2022.