Coforge

By 11:11 AM, the Nifty IT index had come off its peak but was still trading 0.82 per cent higher at 45,199.40. In comparison, the broader Nifty50 index was up a modest 0.11 per cent at 24,646.30

The Nifty IT index hit an all time high on Tuesday, reaching 44,244.60 level, up 1.43 per cent intraday. Meanwhile in the last 30 days, the index has surged 5.24 per cent

Shares of Coforge hit a new high of Rs 8,236.95, gaining 3%, and zooming 71% in six months, on a strong growth outlook.

At 12:23 pm; the Nifty IT index was the top gainer among sectoral indices, up 1 per cent, as compared to 0.31 per cent decline in the Nifty 50.

Shares of Coforge surged up to 8.85 per cent at Rs 7397.25 a piece on the BSE on Wednesday

IT solutions company Coforge reported an 11.7 per cent year-on-year increase to Rs 202.2 crore in consolidated net profit for the quarter ended in September. It had posted a net profit (attributable to owners of the company) of Rs 181 crore in the year-ago period, according to a stock exchange filing. Revenue from operations for the quarter under review stood at Rs 3,062.3 crore, a 34.5 per cent rise from Rs 2,276.2 crore in Q2 FY24. Its profit and revenue jumped 51.8 per cent and 27.5 per cent, respectively. The Noida-headquartered firm added 5,871 staff during the quarter, including 4,430 from its acquisition of Cigniti. This brings its total employee count to 32,483. "The growth and the margin expansion at Cigniti are a preview of sustained growth and further increases in margin to follow. We have operationally fully integrated the Cigniti team and the synergies have exceeded even our expectations," said Sudhir Singh, CEO and Executive Director, Coforge. The company's board ..

Analysts anticipate growth momentum to return in FY25 for IT sector, aided by a lower base coupled with easing sectoral headwinds.

Derivatives market update Oct 17: FIIs long-short ratio in index futures dropped to 0.5 its lowest point since June 07. Among stocks, ICICI General Insurance and CoForge saw short build-up yesterday.

Here is the full list of stocks that will trade ex-date tomorrow for major corporate announcements, such as dividends, rights issue, subdivision, and demerger

The company has fixed October 11, as the record date to ascertain the eligibility of shareholders for the payment of the second interim dividend.

The surge in IT stocks was fuelled by the US Federal Reserve's decision to cut interest rates by 50 basis points, lowering the target range to 4.75 per cent to 5 per cent.

The IT sector is on the cusp of a mild but possibly sustained recovery in client spending, and the impending rate cut cycle should add to the sector tailwinds, according to MOFSL.

Derivatives market update: In the last 4 trading sessions, the Nifty and Bank Nifty, both, have witnessed short-covering as prices rose on the back of 20% and 16% decline in open interest.

The Nasdaq rose more than 2% on Thursday after July the US retail sales data signalled resilient consumer spending, allaying fears of an imminent recession in the world's largest economy.

Coforge CEO Sudhir Singh's annual remuneration in FY24 stood at Rs 105.12 crore, positioning him at the second spot after Wipro's former CEO Thierry Delaporte

IT company Coforge on Friday bought a 17 per cent stake in Cigniti Technologies for Rs 645 crore through open market transactions. According to the block deal data available with the BSE, Coforge purchased a total of 46,18,199 shares or 16.9 per cent stake in Cigniti Technologies. The shares were acquired at an average price of Rs 1,398.5 apiece, taking the transaction value to Rs 645.85 crore. Meanwhile, Kukunuru Madhava Lakshmi and Kukunuru Kumar Bapuji, public shareholders of Cigniti Technologies have exited the firm by selling their entire 6.83 per cent stake in the firm. In addition, Sapna P and Venkata Subramanyam Chakkilam, one of the promoters of Ciginiti, also offloaded shares in the company. A total of 46.18 lakh shares of Cigniti were sold by Kukunuru Madhava Lakshmi, Kukunuru Kumar Bapuji, Sapna and Chakkilam at the same price. Shares of Cigniti Technologies fell 1.28 per cent to close at Rs 1,367.20 per piece on the NSE. On Thursday, digital services and solutions .

Given the bottoming out of revenue growth rate, analysts expect the earnings per share (EPS) downgrade cycle to come to an end for the sector

Financial services company Capital Group on Thursday bought shares of IT company Coforge for Rs 163 crore through an open market transaction. US-based Capital Group through its affiliate New World Fund Inc acquired shares of Coforge through a bulk deal on the NSE. As per the data on the National Stock Exchange (NSE), New World Fund Inc purchased 3,22,554 shares or 0.5 per cent stake in Coforge. The shares were picked up at an average price of Rs 5,073.66 apiece, taking the deal size to Rs 163.65 crore. After the stake purchase, Capital Group's shareholding in Coforge increased to 5.52 per cent from 5.02 per cent in the company. Capital Group through its two affiliates SmallCap World Fund Inc and New World Fund Inc hold a stake in the company. Details of the sellers could not be ascertained. On Thursday, shares of Coforge rose 3.55 per cent to close at Rs 5,084.45 apiece on the NSE.

IT company Coforge on Tuesday said it has collaborated with Microsoft to establish an innovation hub to develop industry-specific generative AI solutions. The hub will develop new industry specific generative AI solutions and will work closely with Microsoft to integrate them with Microsoft's generative AI products and technologies, including Microsoft Azure OpenAI Service, Microsoft Power Platform, and Microsoft Copilot, Coforge said in a statement. Coforge is taking advantage of its deep industry strengths and customer partnerships in building industry specific generative AI solutions on the Microsoft platform to drive transformation and enhance productivity. "This collaboration with Microsoft will further accelerate our efforts to deliver industry-leading generative AI solutions to our customers," Coforge CEO and executive director Sudhir Singh said. Coforge also introduced two new copilots for insurance and financial services. These copilots will use Microsoft's generative AI

HDFC Life, CoForge and Syngene are the other 3 stocks trading in oversold zone; Technically a RSI reading below 30 on the charts is considered oversold; here are the key levels.