Happiest Minds Technologies is one such stock in this regard. The company's shares witnessed an unprecedented rally between December 2020 and September 2021, soaring from ₹313.95 apiece to ₹1,380, delivering a staggering return of 340%. However, the stock has since gone through a fall, falling by approximately 39% to date, reaching ₹840.
From its all-time high of ₹1,568, the stock is down 46.42%. Also Read: RIL, HDFC Bank, Infosys, and 5 other large caps are 7-25% below all-time highs In April, the stock gained momentum and finished the following two months with gains, however, it failed to hold on to those rallies. Despite the stock being an underperformer for a longer period, domestic brokerage firm HDFC Securities has remained optimistic about the company's long-term prospects.
Happiest Minds provides end-to-end solutions in the digital space. The stock was listed on the exchanges on September 17, 2020, at ₹351 apiece, as compared to the issue price of ₹166. Taking the stock's current market price of ₹840 into account, it is up by 406% over its IPO price.
Also Read: Elara Capital suggests moving back to financials from IT, gradually – here's why HDFC Securities, in its report, has listed the following key factors: High potential for scalability: The brokerage has pointed out that the company has progressed well in both mining its customers as well as adding large logos. It asserts that the ask rate of market share gains for Happiest Minds is plausible and well within the historical market share displacement for companies that have scaled 5x. Also Read: Tech giants struggle while mid tier IT companies lead amid green shoots The brokerage believes the new organisational structure can leverage the multi-disciplinary
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