Buy Persistent Systems, target price Rs 1270: Kotak Securities

Kotak Securities has buy call on Persistent Systems Ltd. with a target price of Rs 1270. The current market price of Persistent Systems Ltd. is Rs 1219.4.

Persistent Systems Ltd., incorporated in the year 1990, is a Mid Cap company (having a market cap of Rs 9308.57 Crore) operating in IT Software sector.

Financials
For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 1007.75 Crore, up 1.65 % from last quarter Sales of Rs 991.38 Crore and up 13.92 % from last year same quarter Sales of Rs 884.60 Crore Company reported net profit after tax of Rs 101.99 Crore in latest quarter.


Investment Rationale
Rounding bottom chart formation on daily and weekly charts.

Promoter/FII Holdings
Promoters held 31.5 per cent stake in the company as of June 30, 2020, while FIIs held 19.2 per cent, DIIs 27.2 per cent and public and others 22.1 per cent.