Strong Buying: Following the announcement of a 280 per cent dividend, shares of this IT services company surged!

Post the announcement of the dividend declaration, shares experienced considerable demand and gained 15-18 per cent in the last five trading sessions.

The BSE Information Technology index emerged as the top performing sector with gains of around 1 per cent, boosting Indian headline indices to open the session higher. The Top Gainers from the pack were Happiest Minds Technologies, Newgen Software Technologies and Zensar Technologies, which impressed investors with their impressive uptrend. 

Persistent Systems Ltd was also successful in capturing investors' attention following the announcement of robust quarter performance and prior to the interim dividend record date. 

Taking into account the company’s quarterly performance, on a consolidated basis, it reported a growth of 45.43 per cent from Rs 1,491.72 crore registered in Q3FY22, recording total revenue of Rs 2,169.37 crore in Q3FY23. It has reported strong EBITDA growth of 59.93 per cent. When comparing the net profit for the third quarter of FY23 to the same quarter last year, it is found to have soared by a significant 34.9 per cent from Rs 176.40 crore to Rs 237.95 crore. 

The board of directors declared an interim dividend of Rs 28 per equity share of Rs 10 each or 280 per cent and fixed January 27, 2023 as the record date for determining the eligibility of shareholders entitled to the interim dividend. 

Following the announcement of the dividend declaration, shares experienced considerable demand and gained 15-18 per cent in the last five trading sessions. 

Keep a close eye on this scrip for the upcoming sessions!