Shares of midcap IT companies such as Coforge, Signature Technologies, Percent Systems and Jansar Technologies jumped up to 12 per cent on exchanges today. Midcap IT shares were recorded due to the spectacular results of the third quarter of companies in the region.
Wipro rose by 2.8 per cent in large listed IT companies, while LTIIMINTI increased by 2.4 per cent. The Nifty IT index was the second index to record the highest lead in other important sector indices. Apart from the third quarter results of midcap companies, the announcement of a large private sector investment on the infrastructure of Artificial Intelligence in the US also strengthened the morale of the region.
Signature Technologies stock rose 11.8 per cent to Rs 1,665 on BSE. The reason for this was the improvement of 335 basis points in the company’s EBITA margin in the third quarter and 136 basis points on a quarterly basis. The company increased by 32.3 per cent on an annual basis after tax and 20.1 per cent to Rs 63.6 crore on a quarterly basis. GDP gained 10.3 per cent on an annual basis and 3.5 per cent to Rs 516.40 crore on a quarterly basis. The company said it had received $ 8.29 million new orders in the third quarter, which were $ 6.71 million in the second quarter and $ 7.83 million in the same period last year. Koforge has a majority stake of signality technology.
Meanwhile, Koforge’s stock jumped 11.33 per cent to Rs 9,156. In the third quarter, the company recorded an increase of 40 per cent on an annual basis in the revenue according to the stable currency and 8.4 per cent on the quarterly basis. The adjusted profit rose by 10.3 per cent to Rs 268 crore on an annual basis.
Commenting on percentage systems, Motilal Oswal Financial Services said that revenue growth in the quarter was strong and widespread. BFSI, Healthcare and Hitech registered an increase of 4.9 per cent, 4.3 per cent and 3.7 per cent respectively.
Jensar Technologies shares rose by 11.6 per cent to Rs 838 and the average trading volume of the company increased by 5 times. The reason for the boom in the shares remained as expected in the third quarter.
First Published – January 23, 2025 | 10:29 PM IST
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