Shares of Data Patterns (India) Ltd rose sharply in Wednesday's trade. The stock jumped 13.39 per cent to hit a day high of Rs 3,045. It has given multibagger returns in the past one year by rallying over 100 per cent.
Brokerage firm Jefferies has initiated coverage Data Patterns with a target price of Rs 3,545. Jefferies believes that Data Patterns revenue should rise 5x between financial year 2024 to 2030 a indigenisation and export pipeline benefits the company.
The brokerage is anticipating domestic defence spend to double between FY 2024 and FY 2030.
India's defence exports hit a record level of Rs 21,083 crore for financial year 2024. Defence exports from India can rise to $7 billion by financial year 2030, according to Jefferies.
On technical setup, the counter was trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). The stock's 14-day relative strength index (RSI) came at 67.66. A level below 30 is defined as oversold while a value above 70 is considered overbought.
The company's stock has a price-to-equity (P/E) ratio of 88.83. Earnings per share (EPS) stood at 9.10.
The counter saw heavy trading volume today as around 1.07 lakh shares changed hands on BSE at the time of writing this story. The figure was higher than the two-week average volume of 24,000 shares. Turnover on the counter came at Rs 31.04 crore, commanding a market capitalisation (m-cap) of Rs 16,935.15 crore.
As of December 2023, promoters held a 42.41 per cent stake in the company.