Why KPIT Technologies share rose 19% today
KPIT Technologies stock was up 18.52% during the day in today’s afternoon session amid large volumes traded at the window. On January 5, Goldman Sachs launched a cover with a call to buy on the stock. The brokerage sees a rise of around 75 percent to Rs 1,040 amid strong growth prospects.
The action hit a record high of Rs 749 today against Rs 631.95 in the previous session. The stock has gained 18.96% in the past 2 days. The action opened 4.36% higher at Rs 659.50 today.
KPIT Technologies stock is trading above 5-day, 20-day, 50-day, 100-day and 200-day moving averages. The stock fell to a 52-week low of Rs 127.60 on January 25, 2021 on BSE.
KPIT Technologies stock has gained 425% in one year and 15.87% since the start of this year. In one month, the stock has climbed 42.53%.
A total of 10.35 lakh of shares in the company changed hands, representing turnover of Rs 74.29 crore on BSE. The company’s market capitalization reached Rs 19,461 crore on the BSE.
The brokerage said: âWe are launching on KPIT Technologies with a buy note with a target of Rs 1,040 each as it is uniquely positioned as a 100% automotive software integrator helping major OEMs to accelerate their R&D projects in production platforms linked to CASE. “
âAs the automotive industry focuses on electric powertrains, our bottom-up work with our global analyst teams indicates that R&D spending on CASE technologies (connected, autonomous, shared, electric) among the top 10 spend Global automotive R&D is set to triple in fiscal year 21. -FY26 to $ 61 billion. Europe’s CY35 ban on sales of ICE vehicles has accelerated this change, âthe foreign brokerage firm said in its report.
âKPIT occupies a unique position as a 100% automotive software integrator helping major OEMs to accelerate their R&D projects in production platforms linked to CASE. improvement of the battery management system; combined with a strong talent pool (3rd largest automotive technology talent pool in the world), positions it well to gain portfolio share in the growing CASE R&D area, âsaid Goldman Sachs.
KPIT Technologies Limited is an India-based technology company focused on automotive engineering and mobility solutions. The company offers electronic and mechanical engineering solutions to its customers.
It also analyzes data for diagnostics, maintenance and monitoring of assets and associated connectivity solutions, including data and analysis beyond embedded or mechanical engineering and their connectivity and integration with systems and platforms. -Back-end information technology (IT) forms for the automotive and mobility sector.