Through bulk deals on Monday, Baring Private Equity sold a significant 9.8% stake in Coforge Ltd through the open market for ₹2,430 crore, as per the NSE bulk deals data. Hulst B V also sold 60,00,000 shares of the software company at ₹4,050 apiece via bulk deal.
Meanwhile, the exchange data further showed that Aditya Birla Sun Life Mutual Fund (MF) raised its stake in the IT stock by buying 3,46,076 shares at ₹4,050 apiece whereas Kuwait Investment Authority bought 3,90,000 shares at ₹4,049 apiece. Nomura India Investment Fund Mother Fund also upped its stake in the company as it bought 6,10,083 shares at ₹4,050 apiece on Monday, as per the NSE data.
Earlier known as NIIT Technologies, Coforge Ltd is a global digital services and solutions provider. The IT services provider reported a better-than-expected 24% jump in third-quarter profit (Q3 FY23, aided by multiple large outsourcing deals across sectors.
Its net profit rose to ₹228 crore as compared to ₹184 crore in the year ago quarter. The company has also raised FY23 constant currency (CC) revenue growth guidance to 22% from at least 20%. Coforge said it won five large deals during the quarter, including one over $50 million and two large deals, worth over $30 million in the previous quarter.
“The firm has signed the largest number of large deals in a quarter in its history. As a consequence, the order intake at $345 million has been the highest ever. This performance in a seasonally weak quarter sets us up very well for FY2024,” Sudhir Singh, Chief Executive Officer had said.
Revenue from both the US and Europe, which account for about 80% of the company’s total revenue rose in the third quarter, despite rising concerns over growth and tech spending in export markets, especially Europe.
