ICICI Direct has buy call on with a target price of Rs 3480. The current market price of Persistent Systems is Rs 3179.1. Time period given by analyst is 2 weeks when Persistent Systems Ltd. price can reach defined target.
Persistent Systems Ltd., incorporated in the year 1990, is a Mid Cap company (having a market cap of Rs 24316.14 Crore) operating in IT Software sector.
Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 1268.73 Crore, up 10.00 % from last quarter Total Income of Rs 1153.39 Crore and up 25.29 % from last year same quarter Total Income of Rs 1012.61 Crore. Company reported net profit after tax of Rs 151.25 Crore in latest quarter.
Investment Rationale
The IT Sector is in strong uptrend as the Nifty IT index continues to form higher high higher low on all time frames and is outperforming the rest of the market. The share price of Persistent remain in secular up trend forming higher high-low in all time frame. The entire up move since April is well channeled signalling sustained demand at elevated levels
Promoter/FII Holdings
Promoters held 31.5 per cent stake in the company as of June 30, 2020, while FIIs held 19.2 per cent, DIIs 27.2 per cent and public and others 22.1 per cent.
(Disclaimer: Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the stock/s mentioned.
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