Coforge hits new high

Coforge, previously known as NIIT Tech, which had closed yesterday at Rs.2892.45, today went on to hit a new high at Rs.3315.85, on the back of a 9 times surge in volumes.

The stock price reacted to the good set of earnings from the company. For Q4FY21, the company posted a consolidated revenue of Rs.1261 crore, up 6% (QoQ) while net profit rose to Rs.137 crore, up 11.5%.

In dollar terms, revenue rose 7% (QoQ) to $172 million and up 5% in constant currency.

Coforge recently announced the acquisition of a controlling interest in SLK Global Solutions, and expenses related to that transaction are partly reflected in Q4FY21.

The Board has recommended an interim dividend of Rs 13 per share, and the record date for this payout will be 19th May 2021.

The IT firm sees FY22 constant currency revenue growth of at least 17%.