India's Updater Services rises after Motilal sees upbeat growth prospects

Updater Services

06/03/2024 05:34

** Shares of Updater Services  UPDA.NS  up 2.1%, easing from
session-high jump of ~7% 
    ** Brokerage Motilal Oswal sees co to benefit from long-term
trend of outsourcing non-core business operations 
    ** UPDA provides business support services, including audit
services, through its unit, Matrix
    ** Motilal starts coverage with "buy" rating and PT 465
rupees, says healthy cash balance to support co's growth 
    ** Expect earnings growth to outpace revenue growth over
FY24-26 - note
    ** Trading vols 1.5x 30-day avg 
    ** Stock has gained ~29% since listing in Oct 2023 

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))