India's Persistent Systems set for best day in 3-months after Q3 profit rise

Persistent Systems

23/01/2025 09:35

** Shares of IT services provider Persistent Systems
 PERS.NS  rise 10.7% to 6,293.60 rupees, their biggest one-day
gain since Oct. 23, 2024
    ** Co among top gainers on Nifty IT index  .NIFTYIT , which
is up 1.9%
    ** Co's Q3 consol PAT rises 30.4% to 3.73 billion rupees
($43.18 million); rev. up 22.6%
    ** Unlike previous few quarters, growth was broad-based
across verticals/geographies - Emkay Research
    ** More than 2.4 mln shares traded, nearly 5 times the
30-day avg.
    ** Analysts' avg. rating on stock is "hold" same as that on
peers Mphasis  MBFL.NS  and HCL Technologies  HCLT.NS ; median
PT is 5,970 rupees - LSEG data
    ** Stock rose 74% in 2024 vs 22% gain in Nifty IT index

($1 = 86.3880 Indian rupees)

 (Reporting by Aleef Jahan in Bengaluru)
 ((aleefjahan.cs@thomsonreuters.com))