Multibagger stock: KPIT Technologies shares rose to an intraday high of Rs 1,455 today, up 5.89% against the previous close of Rs 1374.05 on BSE. Market cap of the firm stood at Rs 39,142 crore.
Shares of KPIT Technologies are trading higher than the 5 day, 10 day, 150 day and 200 day but lower than the 20 day, 30 day, 50 day and 100 day moving averages.
KPIT Technologies shares have delivered multibagger returns in the last three years. The multibagger stock, which closed at Rs 198.35 on January 26, 2021 rose to a high of Rs 1455 today, clocking 633% returns during the period. In comparison, the benchmark BSE 500 index has climbed 69.18% in three years.
KPIT Technologies shares rose to an intraday high of Rs 1,455 today, up 5.89% against the previous close of Rs 1374.05 on BSE. Total 11.63 lakh shares of the firm changed hands amounting to a turnover of Rs 160.48 crore on BSE. Market cap of the firm stood at Rs 39,142 crore. Shares of KPIT Technologies are trading higher than the 5 day, 10 day, 150 day and 200 day but lower than the 20 day, 30 day, 50 day and 100 day moving averages.
In a year, the stock has gained 57.89 per cent but lost 4.19 per cent this year.
The stock hit a 52-week low of Rs 874.10 on May 8, 2023 and a record high of Rs 1764 on February 12, 2024. It has lost 24% from record high till date.
Here’s a look at what analysts said on the outlook of the KPIT Tech stock.
Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox has assigned a hold rating to the stock with a target price of Rs 1500
“The overall trend in the shares of the KPIT Technologies appears sideways, with higher resistance appearing at 1500 levels, its 50- daily moving average (DMA) and lower support existing at the 200-DMA set at Rs 1344. A breakout over Rs 1500 could see the price action heading towards Rs 1700 level, while a breach of Rs 1344 could see the stock falling to Rs 1100. The bias remains upward as the price traders near the oversold territory of the Relative strength index (RSI),” said Avdhut Bagkar.
Abhijeet from Tips2trades said, “KPIT Tech stock price is bullish on the Daily charts with strong support at Rs 1328. A daily close above resistance of Rs 1437 could lead to a target of Rs 1580 in the near term.”
Ganesh Dongre, Senior Manager – Technical Research Analyst, Anand Rathi Shares and Stock Brokers said, “On the daily chart, stock has seen a short-term reversal pattern. On the technical front, a short term bullish engulfing pattern has been formed, which is bullish in nature. Also on the weekly chart, a strong support is placed at the price level of Rs 1300-1330 level. So traders can buy this stock with a stop loss of Rs 1330 for the target price of Rs 1520.”
The IT firm is yet to announce its earnings for the quarter ended March 2024. In the third quarter, KPIT Technologies reported a 55 per cent rise in the net profit against a net profit of Rs 100.49 crore in the year ago period.
The IT software major logged a 37 per cent YoY rise in the revenue from operations at Rs 1,256.96 crore in the third quarter of the ongoing financial year. Operational revenue came in at Rs 917.12 crore in the same quarter previous fiscal year.
KPIT Technologies Limited is a technology company, which is focused on automobile engineering and mobility solutions. The company offers electronic and mechanical engineering solutions to its customers. It also analyses data for diagnostics, maintenance and tracking of assets and related connectivity solutions, including data and analytics beyond embedded or mechanical engineering and their connectivity and integration with back-end information technology (IT) systems and platforms for the automobile and mobility sector.
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