Page 49 - Persistent Systems News Today

Mid-tier IT company Persistent Systems has seen its stock decline by over 6% since its Q2 earnings were released on 20 July. Lower order book has impacted TCV of new wins for a second quarter. Despite a resilient Q2, net profit fell by 9% to INR228.8 crore ($30.4m), due to a one time expense

The Nifty IT index was trading 0.47 per cent up at 29901.65.

A closer look at IT company numbers suggests that though headcounts may have reduced, so have attrition rates.

The Nifty IT index closed 0.13 per cent up at 29800.4.

Tata Consultancy Services (TCS), LTIMindtree, Wipro, Persistent Systems and others told ET about half their staff have been punching in at least twice a week.

The Nifty IT index was trading 0.58 per cent up at 30044.45.

ICICI Securities is bullish on Persistent Systems recommended buy rating on the stock with a target price of Rs 5776 in its research report dated July 22, 2023.

The sector appears to be stuck in a situation where it is seeing strong demand along with uncertain deal closure timelines. Analysts say the sectors growth will fall from double-digits to lower single-digit levels in FY24

The Nifty IT index closed 0.09 per cent down at 29843.45.

Motilal Oswal recommended Neutral rating on Persistent Systems with a target price of Rs 4600 in its research report dated July 23, 2023.