Persistent Systems delivered robust financial results in Q3FY24, driven by impressive performance across its diverse segments. The company reiterated its EBIT margin improvement guidance of 200-300 bps.
The recent rally pushed the stock to a fresh 52-week high of Rs 445 recorded on 17th July 2023. It has rallied more than 10% in a week, and over 60% in the last 3 months. The stock also gave a breakout from a Flag pattern on the weekly charts which has opened room for the stock to head towards 500 levels, suggest experts.
Zensar Technologies rose 5.24 per cent to hit a 52-week high of Rs 357.45 on BSE. ICICIdirect has a 12-month target of Rs 370 on the stock. Motilal Oswal Securities finds the stock worth Rs 390.
Small-cap IT firm: The company reported a consolidated net profit of Rs 119.20 crore in the March 2023 quarter, up 55.82 per cent (sequentially) from Rs 76.50 crore in Q3 FY23. However, profit slipped 8.24 per cent against Rs 129.90 crore in the year-ago period.