The stock of KPIT Technologies, a technology company focused on automobile engineering and mobility solutions, closed at Rs 1174.70 in the previous session, with a 1.68% increase on the BSE. The shares have shown a remarkable recovery of 115% from their 52-week low of Rs 545.70. While the stock reached an all-time high of Rs 1200 on August 23, 2023, it has since dropped by 2.1%.
In the latest trading session, KPIT Technologies saw a 2.32% rise, reaching an intraday high of Rs 1181.75 on the BSE. The market capitalization of the company rose to Rs 32,195 crore. Over the course of a year, the stock has gained 109% and has risen by 68.59% this year.
From a technical perspective, KPIT Technologies is currently trading within a range and is not considered overbought or oversold, with a relative strength index (RSI) of 61.6. The stock has exhibited low volatility, with a beta of 0.6 in the past year. Additionally, it is trading above its 10-day, 20-day, 50-day, 100-day, and 200-day moving averages.
The strong performance of the company’s earnings has been a key factor in the stock’s rally. KPIT Technologies reported a 56% year-on-year increase in net profit for the first quarter, with consolidated revenue from operations rising by nearly 60% compared to the previous year. The company’s financial performance has shown consistent growth, with net profit and revenue increasing on both a quarterly and annual basis.
Market experts have provided their outlook on the stock. Abhijeet from Tips2trades believes that KPIT Technologies is currently in a sideways to bearish phase, with a strong resistance zone at Rs 1160-1200. Geojit has a hold call on the stock, with a target of Rs 1,231. The brokerage firm expects the company’s revenue and profit to grow in the coming years, but anticipates conservative growth in the second half of the fiscal year.
KPIT Technologies has been recognized for its strong rally in recent times. Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher, notes that the stock is currently in a consolidation phase, trading above the 50-day exponential moving average (EMA). The upward trend line also provides a strong support level.
In summary, KPIT Technologies has shown significant recovery and strong financial performance. The stock has gained attention from market experts and is expected to continue its positive trajectory in the near future.
