Shares of multibagger Birlasoft Ltd have delivered over 227% returns in three years. The IT stock, which closed at Rs 201 on December 8, 2020 ended at Rs 658 on December 8, 2023 (Friday), clocking 227.44% returns during the period. The benchmark BSE 500 index zoomed 68% in the last three years. The IT stock has climbed 103% this year and gained 121% in a year.
Birlasoft shares ended 0.42% higher at Rs 658 on Friday against the previous close of Rs 655.25 on BSE. Total 0.56 lakh shares of the firm changed hands amounting to a turnover of Rs 3.71 crore on BSE. Market cap of the firm rose to Rs 18131 crore on BSE.
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The multibagger IT stock fell to a 52-week low of Rs 250.35 on February 3, 2023 and hit a record high of Rs 666.95 on December 8, 2023.
Shiju Koothupalakkal - Technical Research Analyst, Prabhudas Lilladher said, “The stock has rallied quite significantly indicating a strong uptrend maintaining above the important 100 period MA and has next target visible till Rs 695-700 levels as per the trend-based Fibonacci tool. The near term support would be Rs 620 zone below which the bias can turn little bit weak.”
Abhijeet from Tips2trades said, "Birlasoft looks bullish & extremely overbought on the Daily charts with next resistance now at 691. Investors should book profits at current levels as a Daily close below support of 630 could lead to a target of 539 in the near term."
Birlasoft stock has a one-year beta of 0.3, indicating very low volatility during the period.
In terms of technicals, the relative strength index (RSI) of the stock stands at 78, signaling it's trading in the overbought zone. Birlasoft stock is trading higher than the 10 day, 20 day, 50 day, 100 day and 200 day moving averages.
The IT company reported a 26 per cent rise in profit after tax (PAT) to Rs 145 crore for the September 2023 quarter against a profit of Rs 115 crore in the same period last year.
Revenue from operations in the September 2023 quarter rose 9.8 per cent to Rs 1,309 crore against Rs 1,192 crore in the year-ago period.
Birlasoft is engaged in providing information and communication, computer programming, consultancy, and related activities. The company provides a range of services, which includes digital and enterprise technologies and services.
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