Buy Persistent Systems, target price Rs 2630: Kotak Securities

Kotak Securities has buy call on Persistent Systems with a target price of Rs 2630. The current market price of is Rs 2554.4. Time period given by analyst is Intra Day 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 19533.08 Crore) operating in IT Software sector.

Financials
For the quarter ended 31-03-2021, the company reported a Consolidated Total Income of Rs 1153.39 Crore, up 4.34 % from last quarter Total Income of Rs 1105.41 Crore and up 20.69 % from last year same quarter Total Income of Rs 955.68 Crore. Company reported net profit after tax of Rs 137.76 Crore in latest quarter.

Investment Rationale
The stock is trading in an Ascending triangle chart formation with decent volume activity and a strong breakout is expected in the coming horizon.

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.