India's KFin Technologies hits record high as Jefferies initiates with 'buy'

Kfin Technologies

25/08/2023 06:32

** Shares of KFin Technologies  KFIN.NS  rise as much as
14.4% to a record high of 437.9 rupees
    ** Stock posts record intraday pct gain; on track for fourth
consecutive session of gain
    ** Jefferies initiates coverage with 'buy' rating; PT at 500
rupees
    ** K-Fin derives 85% of revenue from domestic operations; we
see them growing at 12% CAGR over FY23-26e - Jefferies
    ** Relative strength index (RSI) rises above 70, suggesting
the stock may be overbought    
    ** Stock trading above 50-day exponential moving average
(EMA) since May 8 and 100-day EMA since May 26, indicating
bullish momentum
    ** More than 5.1 mln shares change hands by 10:57 a.m. IST,
vs 30-day avg of 316,449
    ** Stock has fallen 5.7% since listing in Dec 2022

 (Navamya Ganesh Acharya in Bengaluru)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))