Multibagger IT stock Birlasoft rises 120% in YTD. Experts predict more rally
Stock market today: Birlasoft shares are one of the multibagger stocks that Indian stock market has delivered in 2023. In year-to-date (YTD) time, this IT stock has risen from around ₹297.50 to ₹650 apiece levels, delivering around 120 per cent return to its positional investors. However, it seems that Birlasoft stock has still some steam left.
Birlasoft share price today opened upside at ₹642.80 apiece levels on NSE and went on to touch intraday high of ₹659.85 per share levels, which is now its new life-time high as well. In fact, this multibagger IT stock has been in bull trend for long. It has hit life-time high on two out of three sessions this week.
It has touched record high on Monday session as well. According to stock market experts, Birlasoft is getting buyers interest as small-cap IT stocks have been attracting buying interest of lon g term investors after ushering in new year 2023. This trend continued with better-than-expected quarterly results of the IT majors (barring Infosys).
Now, when mid-cap and large-cap stocks are also attracting bnuyers interest and hence quality IT companies with lower size are expected to outperform large-cap IT companies. They said that Birlasoft shares may continue to rally further as FIIs have turned net buyers and they might look at IT stocks in current bull trend. Also Read: Hindustan Zinc dividend: Vedanta subsidiary declares ₹6 per share dividend On triggers that has helped Birlasoft share price rally in YTD, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "As giant IT companies are under pressure, small sized quality IT companies have been attracting interest of buyers as chances of further downside in those stocks were limited.
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