well known Wednesday saw a big rise in shares of IT company Coforge. On Wednesday, October 23, the company’s shares closed at Rs 7,558.45 on BSE up by Rs 762.85 (11.23%). With this meteoric rise, Coforge’s share price came very close to its 52-week high. But even today, i.e. Thursday, the rapid rise of the company’s stock continued and hit its new 52-week high.
Storm surge continues Thursday as well
Today, Coforge shares opened with a drop at Rs 7,545.40, but after the start of trading, a sharp rise was again seen. Due to heavy buying, the company’s stock not only hit its intraday high with an increase of Rs 141.55 (1.87 percent) at 09:47, but also hit a new 52-week high. Let us tell you that before this, the company’s stock’s 52-week high was Rs 7,632.75. Its 52-week low is Rs 4,291.05.
The company performed brilliantly in the second quarter.
We told you that Coforge had published the results for the second quarter of the 2024-25 financial year on Tuesday. The company declared to the Stock Exchange that the second quarter of the current financial year was very good. During this period, the company’s net profit rose 67.7 per cent quarter-on-quarter to Rs 234 crore. While the company’s net profit in the April-June 2024 quarter was Rs 139 crore. Along with this, the company’s revenue in the second quarter of the current financial year also increased by 27.6 per cent quarter-on-quarter to Rs 3,062 crore, up from Rs 2,401 crore in the previous quarter.
JP Morgan raised its stock price target
In view of the company’s excellent performance, global leading brokerage firm JP Morgan has raised the target while maintaining Overweight rating on the stock. JP Morgan has set a new target of Rs 9,600 for the company’s shares, while earlier the brokerage had set a target of Rs 9,300.
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