Buzzing stock: Coforge trades near 52-week high

During Friday’s trading session, even as Sensex and Nifty remained volatile, the stock of Coforge Limited almost touched its 52-week high. Coforge emerged as one of the top IT stock gainers on Friday. The stock jumped more than 6 per cent and came near its 52-week high of Rs 2,079.35 on BSE.

Gaining for the second consecutive trading session, the stock of Coforge has recovered by 137.04 per cent from its sharp decline in March 2020. On a YTD basis, the stock has gained by 27.79 per cent. It has given returns of 52.63 per cent, 64.13 per cent, and 43.36 per cent for 3 months, 6 months, and 1 year, respectively. According to BSE data, the stock traded at a P/E multiple of 27.61 and a price-to-book ratio of 5.86.

Coforge helps B2B companies in solving their marketing challenges by using its high impact inbound marketing methodology along with HubSpot software to build brand awareness, drive new website traffic, and convert visitors into quality leads. The company’s mission is to work collaboratively with marketing teams to align various inbound initiatives like SEO, Google Ads, Facebook Ads, social media, and other relevant topic blogging to meet client’s business goals.

BSE IT index was in green, up by 1.06 per cent thereby, outperforming Sensex. The stock of Tata Consultancy Services (TCS) and Wipro touched their lifetime highs of Rs 2,390.45 per share and Rs 294.95 per share, respectively. TCS has gained by nearly 44 per cent since the beginning of FY21 whereas, Wipro gained by nearly 63 per cent during the same period.

Further, the shares of HCL Technologies and Mindtree, amongst others, were also trading close to their respective 52-week highs.