Rs 524 to Rs 2,515: This IT stock rallied 379% in 12 months
The midcap IT share has delivered more than 300 per cent returns to its shareholders in the last 12 months. The share stood at Rs 524.15 on May 26, 2020. It has zoomed to Rs 2,515.55 today, translating into gains of 379 per cent during the period.
Tanya Aneja | May 25, 2021 | Updated 18:43 IST
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Share of Persistent Systems rose 5 per cent to hit a 52-week high of Rs 2,515.55 in today s intraday session on BSE.
The midcap IT share has delivered more than 300 per cent returns to its shareholders in the last 12 months. The share stood at Rs 524.15 on May 26, 2020. It has zoomed to Rs 2,515.55 today, translating into gains of 379 per cent during the period. In comparison, Sensex clocked 65 per cent in one year.
Mid-size IT firms gear up for acquisitions to use cash, boost skills
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Mid-size IT services providers are expected to step up mergers and acquisitions this year, as these cash-rich firms chase higher growth on the back of a robust 2020-21 financial year, led by increased client spends on digital transformation initiatives amid the Covid-19 pandemic.
The mid-tier companies are looking to gain specific skills or geographic presence through acquisitions.
Pune-based
Persistent Systems is looking for potential targets in the $10-$50 million range, said chief executive Sandeep Kalra.
“We are looking at adding capabilities from an M&A perspective and go deeper in the areas of cloud, data, security or Salesforce, or into geographies like Europe,” Kalra said.
Pune-based Persistent Systems, which reported a double digit growth in FY22, under its CEO Sandeep Kalra, is also actively pursuing merger and acquisitions to reach its target of $1 billion company in the next three to four years. “It is our stated goal to be a $1 billion company in 3-4 years and the cash position we have makes us actively pursue the same as well. We are looking at acquisitions in three areas one, that makes us much stronger in the areas that we already have presence in like cloud, data, security etc. Two, that gives us a presence in Europe, either technology and industry vertical. And finally, we would look at a target that gives us good capability in a vertical in the US,” said Kalra.
Persistent Q4 net profit rises 64 pc to Rs 137.75 cr
The Persistent scrip close 2.01 per cent up at Rs 2,038.55 per share on BSE, as against a correction of 1.98 per cent on the benchmark.PTI | Mumbai | Updated: 30-04-2021 15:54 IST | Created: 30-04-2021 15:54 IST
Pune-headquartered software company Persistent Systems reported a 64.3 per cent jump in the March quarter net profit to Rs 137.75 crore on higher revenues.
The mid-size company posted a 32.4 per cent growth in FY21 net profit to Rs 450.67 crore, on the back of a 17.4 per cent rise in revenues at Rs 4,187.88 crore.
During the March quarter, its revenues increased to Rs 1,133 crore, which was attributed by its chief executive Sandeep Kalra to healthy growth in the technology services vertical.
Tech companies set up biz continuity plans
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Tech companies set up biz continuity plans
Shilpa Phadnis & Avik Das / TNN / Updated: May 1, 2021, 09:18 IST
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BENGALURU: Tech companies’ Covid war rooms are working around the clock as the number of distress calls from employees seeking help many of whom have been infected by the coronavirus have increased. Companies have increased insurance cover, set up Covid helplines, home quarantine facilities and mental wellness programmes for employees and their families. They have activated shadow IT teams and business continuity plans (BCPs) to ensure work does not get disrupted.
Goldman Sachs’s technology and business services centre said it has been focused on potential disruption risks and maintained a map of critical functions and related business continuity plans, which were adapted to the Covid situation in 2020. Accenture said it has the agility to transfer work across its network to hel