The shares have closed in green in 10 out of 12 sessions since July 26.
Investing in the share market may or may not lead to profit making. However, picking the right stocks can increase chances of higher returns on your investment. There are many companies that have given strong returns to their investors in the last few years. One such multibagger stock is Birlasoft, a leading player in the IT industry.
Read More: Stock Market Updates: Sensex Down 450 pts As RBI Asks Banks to Provide Incremental CRR
Birlasoft, a CK Birla Group company, has left behind several giants, when it comes to giving returns to investors. Shares of the company have seen dramatic growth in the last 3 years.
The IT stock has given nearly 700% return in the last 40 months to its investors.
Birlasoft shares opened lower at Rs 448.85 on BSE on Thursday ending its gaining streak for the last five straight sessions. The stock closed 0.67% higher at Rs 454 apiece on BSE on Wednesday. The shares have closed in green in 10 out of 12 sessions since July 26.
The stock has surged more than 7% in the past one week and over 28% in the last one month. Shares of Birlasoft have given a return of more than 51% so far this year and more than 200% in the last three years.
Read More: Pyramid Technoplast IPO to open on August 18, price band set at Rs 151-166/share
Notably, in March 2020, the shares of Birlasoft Limited were at Rs 57 level and its current price is Rs 450. Compared to the current price level the stock has surged nearly 700%.
HDFC Institutional Equities recently recommended a ‘Buy’ rating on the stock with a target price of Rs 530 per share, indicating a potential upside of more than 15% from Wednesday’s closing.
According to the brokerage, the company will improve the quality of revenue in the coming days.
HDFC Institutional Equities said that the growth prospects are high based on the company’s mid-tier IT assessment framework, client cohort analysis, and industry checks.
Read More: TVS Supply Chain Solutions IPO opens for subscription today, GMP gains 11%; should you subscribe?
Shares of Birlasoft were trading 0.79% lower at Rs 450.40 apiece on BSE at 9:40 AM.
