The IT consulting & services company's stock has rallied 30 per cent in the past two weeks after promoters bought shares of the company through open market. In comparison, the S&P BSE Sensex was down 3.5 per cent during the same period. The stock surpassed its previous high of Rs 118.90, touched on September 21, 2020.
On September 18, 2020, Anupama Kishor Patil, acquired 1.4 million equity shares of KPIT Technologies at price of Rs 100 per share on the BSE, the bulk deal data shows. On September 22, Anupama Patil had bought an additional 94,000 shares of the company via open market.
Post acquisitions, Anupama Kishor Patil’s stake in KPIT Technologies increased to 0.59 per cent from 0.04 per cent, the company said. The names of the sellers were not ascertained immediately.
In a separate regulatory filing, the company said it released majority of pledge shares lying with the Vistra ITCL (India) Limited (‘Vistra’). CLICK HERE FORE DETAILS
Meanwhile, in the past month, the stock has soared 43 per cent, against 4 per cent decline in the S&P BSE Sensex. In the past three months, it has zoomed 101 per cent, as compared to 8.6 per cent rise in the benchmark index.
As per the management’s initial assessment, there will be significant impact in H1 of FY2021 and it expects recovery to commence from Q3 of FY2021. KPIT has a strong balance sheet with over Rs 380 crore net cash balance and negligible debt.
The company has also taken proactive steps in deferring its medium term capex plans and pulling out levers to manage profitability. It remains confident that it will be able to meet all its delivery & financial commitments in time. With the exception of a few, KPIT has not seen any material changes in production programs and it continues to engage strategically with its customers across the globe, the company said in 2019-20 annual report.
KPIT continues to believe that Europe, particularly Germany will bounce back fast paving way for quicker and strong bounce back, towards the end of FY2021.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU