KPIT Technologies Hits Record High After Promoters Raise Stake

Shares of KPIT Technologies gained 10 per cent in Wednesday's (September 30, 2020) session, hitting a record high of Rs. 127 on both the bourses. The stock made the previous high on September 21, 2020 of Rs. 118.90.

KPIT Technologies Hits Record High After Promoters Raise Stake

Shares of the IT major have been moving northwards ever since promoters bought company stocks via open market transaction. As per the bulk deal data, Anupama Kishor Patil on September 18, 2020 bought 1.4 million shares of KPIT for Rs. 100 per share on the BSE. Then again on September, Anupama Kishor Patil acquired additional 94000 equity shares of the company through open market. After the acquisition, holding of Anupama Patil in the company increased from 0.04 percent to 0.59 percent. The name of the sellers however could not be known immediately.

Also, the company in a separate filing disclosed that it released bulk of shares pledged with Vistra ITCL (India) Limited.

The company's management is of the view that first half of FY21 will see substantial impact and recovery will begin only from Q3. The company has a strong financial standing with net cash balance of over Rs. 380 crore and no debt.

At 11:51 am, KPIT stock traded higher by 5.72 per cent or Rs. 6.6 at Rs. 122.05 per share on the BSE.

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