IT Growth Stock May Declare Dividend On April 29, JP Morgan Upgrades TP To Rs 1400

The Board of Directors of KPIT Technologies are scheduled to hold meeting on April 29, 2024 to consider & recommend final dividend, if any and also consider & approve financial results. Last trading price of KPIT Technologies share on BSE is Rs 1489.30 per share with intraday fall of 0.49%. KPIT Technologies shares offered shareholders return of 668% in last 3-years. Leading analyst JP Morgan has upgraded KPIT Technologies to a neutral rating from an underweight. The brokerage house has upgraded the target price to Rs. 1,400 from Rs 1,150. The analysts at the brokerage expect mid-cap stocks to outperform big IT firms and ERDs (engineering R&Ds) to outperform IT firms. As per the brokerage, FY25 revenue guidance of 2-4%at Infosys and 4-6% at HCL Tech could surprise investors.

It is worth noting that the auto industry-focused software and engineering company has been announcing growth in its quarterly results even when IT services sector recorded seasonally muted growth amid macroeconomic uncertainties. Check more details below:

KPIT Technologies Ltd To Recommend Dividend: As per the regulatory filing of the company dated April 10, 2024, "a meeting of the Board of Directors of the Company, scheduled to be held on Monday, April 29, 2024, may consider & recommend final dividend, if any, subject to declaration of the same by the Members in the ensuing Annual General meeting, in addition to consider & approve Audited Financial Results of the Company for the quarter and year ended March 31, 2024."

The record date for the purpose of the said Final dividend, if considered by the Board of Directors, will be intimated separately.

KPIT Technologies Share Performance & Return: The 52-week high price of KPIT Technologies shares on BSE is Rs 1764.00 (12/02/2024) and 52-week low price is Rs 801.95 per share (11/04/2023). The company has a market capitalisation of Rs 40,828.24 crore. KPIT Technologies stock zoomed 28% in last 6-months, surged 86% in last 1-year, and gained 142% in last 2-years.

KPIT Technologies Technical: Score is 55.46 indicating stock is technically neutral. Stocks with score above 70 are considered as technically Strong and below 35 are considered weak. RSI is 50.8, RSI below 30 is considered oversold and above 70 overbought. MFI is 66.6, MFI below 30 is considered oversold and above 70 overbought. Number of FII/FPI investors increased from 458 to 489 in Mar 2024 quarter.

KPIT Technologies Financials: The company declared a surge of 50.64% year-on-year (YoY) in its net profit to Rs 156.75 crore for the third quarter ended December 30. This robust growth arrived at such a time when the entire IT services sector witnessed a seasonally sluggish quarter and muted growth in the wake of macroeconomic uncertainties. Its net profit soared by 10.86% over the last quarter and consolidated revenue rose by 37.06% over the last year. Its EBIT margin expanded to 16.6%, up from 16% in Q2FY4.

KPIT Technologies About: KPIT Technologies is a global partner to the automotive and Mobility ecosystem for making software-defined vehicles a reality. It is a leading independent software development and integration partner helping mobility leapfrog towards a clean, smart, and safe future. With 11000+ automobelievers across the globe specializing in embedded software, AI, and digital solutions, KPIT accelerates its clients' implementation of next-generation technologies for the future mobility roadmap, according to its official website.

Disclaimer:

The stock highlights the dividend and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.