Stop-Loss At Rs 5900: Rs 19 Dividend, Record Date - 2nd August; Buy IT Stock For TP Rs 6690-7250?

Coforge is a global provider of digital services and solutions that uses deep subject knowledge and cutting-edge technologies to give its clients tangible business results. Utilising its product engineering methodology, Coforge takes the lead in transforming client businesses into intelligent, rapidly expanding corporations by utilising Cloud, Data, Integration, and Automation technologies. Across all of its main fields, Coforge's registered platforms fuel vital business operations. With 25 delivery centres spread over nine nations, the company is present in 21 countries.

Coforge Dividend Record Date

"The Board has also declared interim dividend of Rs. 19/- (Rupees Nineteen only) per Equity Share of the Company having face value of Rs. 10/- each fully paid-up, for the financial year 2024-25. Further, in terms of Regulation 42 of the SEBI Listing Regulations, the Board has fixed August 02, 2024, as the "Record Date" for the purpose of ascertaining the eligibility of shareholders for payment of interim Dividend. The payment of interim dividend/ dispatch of dividend warrants/banker's cheque would be done within 30 days from the date of declaration of dividend," said the company in a stock exchange filing.

Coforge Q1 Results

Coforge's net profit for the quarter ended June 2024 was Rs 133.20 crore, down 19.42% from the year-ago quarter's net profit of Rs 165.30 crore, which ended June 2023. In the quarter that ended in June 2024, sales jumped by 8.10% to Rs 2400.80 crore, compared to Rs 2221.00 crore in the quarter that ended in June 2023. Revenue increased by 1.6% QoQ and 7.8% YoY in dollar terms to $291.4 million in constant currency. Its EBITDA margins went up from 16% a year-ago quarter to 17.9% in the quarter under review, down from 19.0% In the March 2023 quarter. According to the corporation, $23.2 million was its cash flow from operations for the quarter or Q1FY25.

Coforge Share Price Target

KKunal V Parar - VP of Technical Research and Algo at Choice Broking said, "The stock has been exhibiting a positive trend, trading within an upward-rising channel on the daily chart. Additionally, it is trading above its 100-day Moving Average, further indicating a bullish trend. Moreover, the stock has broken out of its inverted Head & Shoulders pattern, signalling a potential upward move."

"The daily momentum indicator, RSI, is also above the 50 mark, suggesting a positive outlook. Given this technical structure, we anticipate a significant upside potential, targeting levels of 6690-7250. A strict stop-loss should be set at 5900," the analyst added.

Disclaimer

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