Persistent Systems - 28th September 2020 - Angel Broking

Mr. Jyoti Roy - DVP - Equity Strategist, Angel Broking Ltd

"Persistent Systems is one of the leading service providers to independent service vendors (ISV). The company has a very strong presence in Hi tech, manufacturing and life science segments which were amongst the least impacted sectors due to Covid-19. Persistent systems is going to be one of the biggest beneficiaries of greater spend on IT due to accelerated adoption of digital technologies post the Covid-19 outbreak, given the company's high exposure to BSSI, Hi tech and life science verticals. We raise our target multiple on the stock to 24x from 20x given greater visibility for the sector post HCL tech mid quarter guidance upgrade and strong performance of Accenture's outsourcing division in the recently announced Q4FY2020 numbers. Therefore we raise our target price to Rs. 1,531 from Rs. 1,276."

Shares of PERSISTENT SYSTEMS LTD. was last trading in BSE at Rs.1275.65 as compared to the previous close of Rs. 1224.1. The total number of shares traded during the day was 24937 in over 3425 trades.

The stock hit an intraday high of Rs. 1324.2 and intraday low of 1229.95. The net turnover during the day was Rs. 31849938.

Source : Equity Bulls

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