At 09:15 am; around 6.18 million equity shares representing 10.14 per cent of total equity of Coforge changed hands on the BSE, the exchange data shows.
The nervousness in the IT stocks, analysts believe, is on account of rising employee costs at a time the business growth has been modest year-on-year in the December 2021 quarter (Q3FY22)
The major IT stocks like Infosys, LTI, Coforge continue to absorb selling pressure at the counters
The company said it filed Registration Statement on Form F-1 with the US Securities and Exchange Commission for a proposed offer of American depositary shares
Despite the current corrective phase in IT sector, the overall positive bias seems to be intact for these IT stocks as they hold crucial support levels
Stock market LIVE: The Bank Nifty ended 2 per cent higher at fresh record highs, while the broader indices - both BSE Mdicap and Smallcap declined around 1.7 per cent each
IT firm Coforge Ltd, erstwhile NIIT Technologies, on Tuesday said its board has approved plans to raise up to Rs 375 crore through various instruments
Motorcycle maker Royal Enfield, part of Eicher Motors, said its total sales increased 13 per cent YoY to 43,048 units in June
The Nifty IT index has managed to conquer the resistance of 27,500 which suggests a further upside towards 28,200 and 28,500 levels
Mastek, Intellect Design Arena, Sasken Technologies, Newgen Software Technologies, Nucleus Software Services and Sonata Software were up in the range of 5 per cent to 11 per cent in intra-day deals
The company is planning for an organic growth of at least 17% in constant currency terms during FY22 and an expansion of EBITDA margin from 18% in FY21 to 19% in FY22