Happiest Minds share price: The stock today surged 6.59 per cent to hit a day high of Rs 889.30 over its previous close of Rs 834.35. At today's high price, the scrip has slipped 13.01 per cent from its one-year high value of Rs 1,022.30, a level seen on June 22 last year.
It is a high-growth, high-quality, high-valuation IT services company, according to analysts Apurva Prasad and Amit Chandra of HDFC Securities, who believe that it has a high potential to scale up growth further after the recent reorganisation.
The company has reduced revenue growth guidance for this fiscal from 25 per cent to 12 per cent on an organic basis based on market trends, Happiest Minds Executive Chairman Ashok Soota said.
In 2021, software stocks were doing very well, the narrative was that the global wave of digitisation and moving to the cloud will ensure that the deal pipe for the Indian software sector will remain robust for many years. Today in 2023, the narrative is that valuations are expensive and the deal pipeline has slowed. So, does there lie an opportunity to take a contrarian bet?