Persistent Systems share price today: Shares of mid-tier IT services company Persistent Systems Ltd hit a record high on Thursday amid a correction in the broader market. Persistent Systems stock rose 2.24% to a high of Rs 6144.95 in the current session against the previous close of Rs 6009.85 on BSE. Market cap of the firm rose to Rs 95,379 crore. The stock opened higher at Rs 6144.45.
The multibagger stock has climbed 92% in a year and gained 186% in two years. The stock has risen 1678% in five years. Total 0.22 lakh shares of the firm changed hands amounting to a turnover of Rs 13.47 crore on BSE. The stock has a beta of 0.9, indicating low volatility in a year.
In terms of technicals, the relative strength index (RSI) of Persistent Systems stood at 63.8, signaling it's trading neither in the overbought nor in the oversold zone.
The stock is trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.
Global brokerage CLSA expects the shares of Persistent Systems to rally up to Rs 8,462 mark, an upside of more than 40% from previous close on December 4. CLSA has assigned an ‘outperform’ rating to the stock.
Persistent Systems is operating in a different league on the back of a unique set of capabilities since there are multiple growth drivers and margin levers that are leading to higher estimates, said CLSA.
CLSA expects the firm to see a 21% US dollar sales compound annual growth rate (CAGR) (CAGR) over FY25-27. It has raised EBIT margin assumption for FY27 to 16.2% from 15.5% earlier.
Jigar S Patel, manager at Anand Rathi said, "Support will be at Rs 6,000 and resistance at Rs 6150. A decisive move above the Rs 6,150 level may trigger a further upside of 6,300 . The expected trading range will be between Rs 6000-Rs 6300 in the short-term."
A R Ramachandran, SEBI registered Independent analyst said, "Persistent Systems stock price is bullish but also slightly overbought on the Daily charts with next resistance at Rs 6322. Investors should be booking profits at current levels as a Daily close below support of Rs 5990 could lead to a target of Rs 5675 in the near term."
The IT firm reported a 23.4% year-on-year (YoY) rise in net profit at Rs 325 crore in Q2 against a net profit of Rs 263 crore in Q2 of the previous fiscal. Revenue from operations climbed 20.1% to Rs 2,897 crore in the last quarter against Rs 2,412 crore in the year-ago period. Earnings before interest and taxes (EBIT) rose 5.8% quarter-on-quarter (QoQ) to Rs 406.2 crore from Rs 384 crore.