On Monday, according to the bulk deals data from the National Stock Exchange, Baring Private Equity sold a substantial 9.8% stake in Coforge Ltd through an open market transaction, amounting to ₹2,430 crore. Additionally, Hulst B V also engaged in a bulk deal, selling 60,00,000 shares of the software company at a price of ₹4,050 per share.
According to the NSE data, Aditya Birla Sun Life Mutual Fund increased its stake in the IT stock by purchasing 3,46,076 shares at a price of ₹4,050 per share. In addition, Kuwait Investment Authority also acquired 3,90,000 shares of the company at a slightly lower price of ₹4,049 per share. Nomura India Investment Fund Mother Fund also raised its stake in the company, as evidenced by its purchase of 6,10,083 shares at ₹4,050 apiece on Monday.
Coforge Ltd, previously known as NIIT Technologies, is a worldwide provider of digital services and solutions. The company recently announced a third-quarter profit (Q3 FY23) that exceeded expectations, with a 24% increase, driven by several significant outsourcing deals in various sectors.
It seems like the company, Coforge, had a successful quarter as its net profit increased compared to the same quarter in the previous year. The company’s financial performance was strong, leading to an increase in its revenue growth guidance for the current fiscal year. Additionally, the company won several large deals, which likely contributed to its financial success. This type of news is usually seen as positive for a company and its shareholders and may indicate a bright future for the company in terms of revenue and growth potential.
Sudhir Singh, the CEO of the company, announced that the firm had secured the largest number of significant deals in a single quarter, surpassing its previous records. As a result, the order intake amounted to $345 million, which is the highest ever in the company’s history. Despite the typically low season for business activities, the company’s impressive performance during this period positions it well for the fiscal year 2024.
During the third quarter, the company witnessed an increase in revenue from its operations in the US and Europe. These two markets are significant contributors, accounting for around 80% of the company’s total revenue. The revenue growth occurred despite concerns about the rate of growth and tech spending in the export markets, particularly in Europe. Despite this, the company’s strong performance shows its ability to navigate challenges and maintain growth even in uncertain times.
The CEO, Sudhir Singh, highlighted the company’s impressive achievements during the third quarter. The firm secured the largest number of large deals in its history and set a new record for order intake at $345 million. This strong performance occurred during a typically weak season for the company, indicating the company’s ability to succeed even in challenging conditions. The revenue from the US and Europe, which account for a significant portion of the firm’s revenue, also increased during this period, despite concerns over growth and tech spending in these markets.
The company’s CEO, Sudhir Singh, stated that the firm had outperformed its previous records by securing the largest number of substantial deals in a single quarter. As a result, the order intake reached a new record of $345 million, setting the stage for the succeeding fiscal year 2024. The company’s revenue from its operations in the US and Europe, which are significant contributors to its overall revenue, increased during the third quarter. This growth occurred despite concerns over growth and tech spending in the export markets, highlighting the company’s ability to adapt and maintain growth even in challenging circumstances.
A partnership has been announced between a company and Denodo, a platform for managing, integrating, and delivering data. The collaboration aims to facilitate agile modernization initiatives for banks and other financial institutions. Denodo will provide logical data integration and management using data virtualization, while Coforge will contribute its design and implementation proficiency to assist BFSI clients.
