IT Stock Declares Rs 19/Share Dividend, IDBI Capital Suggests Buy For Gain

Mid cap IT Software sector stock, Coforge Ltd declared fourth interim dividend of Rs 19/- per equity share and set May 10, 2023 as the record date for the financial year 2022-23. The stock witnessed gain of 2.76% in trade on Thursday on BSE to Rs 4057.05 apiece. In last 3-years, the stock rallied 262% and 11% in last 1-month. Meanwhile, IDBI Capital has assigned buy call with target price of Rs 4356 apiece and potential gain of 7%. Check details below:

Coforge Ltd Declares Fourth Interim Dividend: According to the BSE filing of the company, "the Board has declared fourth interim dividend of Rs. 19/- (Rupees Nineteen only) per Equity Share of the Company the face value of Rs. 10/- each fully paid-up, for the financial year 2022-23 and May 10, 2023 has been fixed as Record date for the purpose of ascertaining the eligibility of shareholders for payment of interim Dividend."

Coforge Ltd Stock Performance: The last trading price of Coforge Ltd is Rs 4057.05 per share with intraday gain of 2.76%. The stock's 52-week high price is Rs 4512.70 per share and 52-week low price is Rs 3210.00 per share, respectively. The market capitalisation of Coforge is Rs 24,786.88 crore.

Coforge Ltd Return: The stock gave return of 4% in last 6-months, 0.57% in last 1-year, 42% return in last 2-years, and 262% return in last 3-years. It jumped 256% in last 5-years.

Coforge Ltd Valuation: According to IDBI Capital, "We initiate coverage on Coforge Ltd. with a BUY rating and a target price of Rs 4,356 (PE of 22 on FY25 EPS; PEG of 1x). The company's presence in niche sub verticals of BFS, Insurance & TTH, consistent deal wins, lower attrition and lower client concentration distinguishes it from peers."

Coforge Ltd About: Coforge is a global digital services and solutions provider, that enables its clients to transform at the intersect of domain expertise and emerging technologies to achieve real-world business impact. Coforge leads with its product engineering approach and leverages Cloud, Data, Integration and Automation technologies to transform client businesses into intelligent, high growth enterprises. Coforge's proprietary platforms power critical business processes across its core verticals, according to its official website.

Disclaimer: The stock has been picked from the brokerage report of IDBI Capital. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.