India's Mphasis hits 2 1/2-mth high on launch of AI offering

Mphasis

01/06/2023 07:38

** Shares of IT solutions provider Mphasis Ltd  MBFL.NS 
rise as much as 3.9% to 2,023 rupees, highest since March 13
    ** Stock has largest intraday pct climb since March 31
    ** Co says it launched 'Mphasis.ai', a business unit that
implements generative AI in offerings for enterprise clients
    ** Moving average convergence divergence line above signal
line, suggesting bullish momentum
    ** Over 454,000 shares change hands as of 11:48 a.m. IST,
equaling the 30-day moving average
    ** Fifteen analysts rate the stock "buy" or "strong buy",
eight "hold", seven "sell" or "strong sell"; median PT is 2,000
rupees - Refinitiv data
    ** Stock erases YTD losses, currently up 1.6% from last year

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))