well-known There was a huge rise in the shares of IT company Coforge on Wednesday. On Wednesday, October 23, the company’s shares closed at Rs 7558.45 on BSE with a rise of Rs 762.85 (11.23%). With this meteoric rise, the share price of Coforge reached very close to its 52 week high. But even today i.e. on Thursday, the rapid rise in the shares of the company continued and it made its new 52 week high.
Storm surge continues on Thursday also
Today, Coforge shares opened with a fall at Rs 7545.40, but after the start of trading, a strong rise was seen again. On the basis of heavy buying, the company’s shares not only reached its intraday high with a rise of Rs 141.55 (1.87 percent) at 09.47 am but also made a new 52 week high. Let us tell you that before this the 52 week high of the company’s shares was Rs 7632.75. Its 52 week low is Rs 4291.05.
The company performed brilliantly in the second quarter
Let us tell you that Coforge had released the results of the second quarter of the financial year 2024-25 on Tuesday. The company told the stock market exchange that the second quarter of the current financial year was very good. During this period, the company’s net profit increased by 67.7 percent on quarterly basis to Rs 234 crore. Whereas the company’s net profit in the April-June 2024 quarter was Rs 139 crore. Along with this, the company’s revenue in the second quarter of the current financial year also increased by 27.6 percent on a quarterly basis to Rs 3062 crore, which was Rs 2401 crore in the previous quarter.
JP Morgan increased the target price of shares
In view of the company’s excellent performance, leading global brokerage firm JP Morgan has increased the target while maintaining the Overweight rating for the shares. JP Morgan has given a new target of Rs 9600 for the company’s shares, earlier the brokerage house had given a target of Rs 9300.
