Midcap Stock Sets Record Date For Dividend, Foreign Brokerage Gives Outperform Rating

Mid-tier IT Software stock, Coforge Ltd has fixed February 3, 2023 as the record date for 3rd interim dividend. The shares of the company surged 6.42% in trade today till 11:30 am. The stock surged 10% in last 3-months, 8% in last 1-month, and declined 20% in last 1-year. Meanwhile, foreign brokerage, Macquarie has an outperform rating on the stock and expects an upside of approximately 55%.

Macquarie sees a justifiable growth trend for Coforge as a result of its timely investments. "Furthermore, we view Coforge's exposure to mid-size US banks, which is one of the fastest growing market segments for India IT Services, as a key positive," Macquarie said

Check details below:

1. Coforge Fixes Record Date For 3rd Interim Dividend

The Board has also declared third interim dividend of Rs. 19/- (Rupees Nineteen only) per Equity Share of the Company the face value of Rs. l 0/- each fully paid-up, for the financial year 2022-23.

According to the regulatory filing, "Further in terms of Regulation 42 of the SEBI Listing Regulations, 20 l 5 as amended, the Board has fixed February 03, 2023 as the "Record Date" for the purpose of ascertaining the eligibility of shareholders for payment of third interim dividend."

The payment of third interim dividend/ dispatch of dividend warrants would be done within 30 days from the date of declaration of dividend.

2. Coforge Stock Performance

The current market price of Coforge is Rs 4221.00 apiece with an intraday gain of 6.42% on BSE. The stock's 52-week high is Rs 5403.25 apiece and 52-week low is Rs 3210.00 apiece, respectively. The company has a market capitalisation of Rs 25,786.51 crore.

3. Coforge Return

The stock declined 20% in last 1-year, gained 137% in last 3-years, and 480% in last 5-years. The stock rallied 10% in last 3-months period, 8% in last 1-month, and 9% in last 1-week.

4. Coforge About

Coforge is a leading global digital services and solutions provider. It enables its clients to transform at the intersect of domain expertise and emerging technologies to achieve real-world business impact.

Coforge leads with its product engineering approach and leverages Cloud, Data, Integration and Automation technologies to transform client businesses into intelligent, high growth enterprises. Coforge's proprietary platforms power critical business processes across its core verticals. The firm has a presence in 21 countries with 25 delivery centers across nine countries, according to its official website.

Disclaimer

The stock has been picked from the brokerage report of Macquarie. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.