India's KPIT Technologies hits record high

KPIT Technologies

20/03/2023 07:26

(Adds analyst quote)
    ** India's KPIT Technologies  KPIE.NS  rise as much as 2.9%
to record high at 893.95 rupees
    ** Tech firm, focused on automobile engineering and mobility
solutions, is up 26% YTD vs 0.6% drop in Nifty IT index 
    ** Co announced partnership to help Japan's Honda  7627.T 
with expertise in autonomous driving, vehicle electrification,
in-vehicle infotainment
    ** Honda agreement possibly the largest single deal 
    announced by an enginnering research & development player,
which could deliver $70 mln per annum incrementally at full
capacity - Investec analysts
  
        ** Previous deals show significant gap between KPIT and
peers, analysts say, upgrading co to "buy" from "hold"
  
        ** Investec says KPIT could grow at 20%+ CAGR for some
years with potentially higher growth over next two years, raises
PT to 1,020 rupees from 700 rupees
  
    ** About 4 mln shares traded vs 30-day avg of 2 mln shares
    ** Of the nine analysts tracking KPIE, five maintain "buy",
two suggest "hold" and two recommend "sell"; median PT is 700
rupees - Refinitiv data

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))