Mphasis share price climbed as much as 9.23 per cent on Tuesday and hit their highest level since February 25, 2011.
Mphasis share price climbed as much as 9.23 per cent on Tuesday and hit their highest level since February 25, 2011. According to Reuters, trend intensity indicator of Mphasis rises to 17 from Monday’s level of 14, suggesting the start of an uptrend of Mphasis shares.
At 1.07 pm, shares of Mphasis were trading 5.06 per cent up at Rs 528.55. The scrip opened at Rs 506.35 and has touched a high and low of Rs 552 and Rs 505.40, respectively, in trade so far. Sensex was down 55.17 points, or 0.21 per cent, at 26,670.43.
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Price volume trend (PVT) indicator of Mphasis is also at 5-year high which indicates a bullish momentum. MACD is positive and above its signal line which is again a positive sign for the stock.
Of late, the IT solution provider reported a 12.91 per cent decline in its consolidated net profit at Rs 154.7 crore for the quarter ended March 2016. It had posted a net profit of Rs 177.69 crore in the corresponding quarter last year.
Prabhudas Lilladher in a research report said, “We raised FY17 and FY18E EPS by 2 per cent and 4 per cent driven by margin upgrade.” The brokerage house is bullish on Mphasis shares and believed the stock can touch Rs 570 in coming months.”
Later, the scrip closed 3.46 per cent up at Rs 520.50.