Stock Name : Coforge Limited/Tips Open Buy : 2,524 Posted Date : Oct 19, 2020
Stopless/Horizon : 2398.5125 Target : 2903 Results Achieved (Yes/No) :

Overview: Coforge limited operates in IT Software sector. It is a Mid Cap company with a market capital of Rs 15790.23 Crores.

About the company: Formerly known as NIIT technologies Ltd, the company was incorporated in 2003. In the year 2019, NIIT’s founder’s family members sold their stakes totalling 30.2% to Hulst B.V. In 2019, Hulst acquired 39.85% stake from the public, increasing its total stake in the company to 70%.In August 2020, the company changed its name to Coforge limited from NIIT Technologies.

Coforge is an information technology solution providing company engaged in application development and maintenance, managed services, cloud computing and business process outsourcing to a wide range of organizations in various business verticals including financial, insurance, travel, transportation and logistics, manufacturing and distribution and government sectors.

Coforge has world-class development centres at New Delhi, Kolkata, Mumbai, Bangalore, Atlanta, London and Singapore. The company delivers services around the world directly and through its network of subsidiaries and overseas branches.

The company is also leveraging new age technologies such as artificial intelligence and cloud technologies, allied with industry expertise to transform client businesses.

Coforge is among the top-20 Indian software exporters. Its prominent global customers include British Airways, the ING group, SEI Investments, Sabre, and SITA.

Management: Mr.Sudhir Singh is the CEO & Executive Director of the company and Hulst B.V is the Promotor.

Shareholding Pattern (As on 30-09-2020):
• Foreign Promoters: 70.28
• Foreign Institutions: 13.15
• NBFC and Mutual Funds : 6.72
• Others: 2.87
• General Public: 6.11
• Financial Institutions: 0.87

Dividend: The company has declared an equity dividend of 310.00% amounting to Rs 31 per sharefor the year ending March 2020.

Sales Report: Coforge limited posted a consolidated sale of Rs 1057.00 Crore for the quarter ended June 30, 2020, which is down by -4.71 % from last quarter sales of Rs 1109.30 Crore, but up by 9.80 % from corresponding period of the previous year’s sales of Rs 962.70 Crore. The company’s net profit for the quarter ended June 30, 2020is Rs 82.9 crore.

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