KPIT Tech shares surge nearly 6% to reach all-time high
₹1233.90 apiece in early Wednesday trading on the back of a huge surge in volumes. Over the past ten trading sessions, the shares have gained 15%, and their year-to-date increase stands at 35%. Out of the last nine months, the stock closed positively six, with the most significant monthly gain occurring in May at 16%.
Looking at the long-term performance, KPIT Tech's shares have witnessed a stellar surge of 998% over the last three years, ascending from ₹110 to their current trading price of ₹1208.65. Remarkably, they have increased by an astounding 3454% from their all-time low of ₹34. Also Read: KPIT Technologies stock down by over 12% after JP Morgan report KPIT Tech is a small-cap IT stock with a market cap of ₹33,316 crore.
It is a global technology company specializing in providing product engineering solutions and services to the automobile and mobility sectors. In FY23, Renault Group selected KPIT as its strategic partner for expanding software capabilities in its upcoming next-generation Software-Defined vehicles. Additionally, the company extended its presence in the United States by establishing a new software excellence centre in Michigan.
This facility, according to the company, is focused on fast-tracking the development of software-defined vehicles for major mobility original equipment manufacturers (OEMs) and Tier I suppliers within the US. For the June-ending quarter, the company reported a 53.6% YoY jump in its consolidated net profit at ₹134.44 crore on the back of strong revenue growth. It reported a 60% increase in overall revenues during the June quarter to ₹1,097.6 crore.
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