After ending Thursday s session with a 20% rally, Allied Digital Services stock rallied another 14.7% on Friday to scale a fresh 52-week high of Rs 196 on the BSE. The microcap s market capitalisation also crossed Rs 1,000 crore on Friday.
In a fervent market rally, the Indian markets reached new peaks, propelled by the performance of IT giants. The IT sector, showing early signs of recovery, particularly in the Banking, Financial Services, and Insurance (BFSI) segment, has significantly influenced market sentiments. The belief in an improved outlook for BFSI in FY24-25 was a key driver behind the soaring performance of IT heavyweights on Friday.
On Thursday, 2355 stocks advanced, 1475 declined and 107 remained unchanged, with an advance decline ratio of 1.59 on the Bombay Stock Exchange (BSE), indicating positive closing of stocks in broader markets.
Allied Digital Services shares zoomed 20% to hit a high of Rs 170.90 against the previous close of Rs 142.45 on BSE. Market cap of Allied Digital Services rose to Rs 943.83 crore.