Home NewsStock Market News kpit technologies share price: Multibagger stock rallies over 12% in 3 days; here’s why

kpit technologies share price: Multibagger stock rallies over 12% in 3 days; here’s why

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kpit technologies share price: Multibagger stock rallies over 12% in 3 days; here’s why

Shares of KPIT Technologies rallied over 12% to Rs 875 in three trading days after the company announced a partnership with automobiles manufacturer Honda to accelerate Honda’s software-defined mobility journey.

Both companies will come together to combine Honda’s next-generation software architecture and control-safety technology with KPIT’s deep domain & software expertise in the areas of autonomous driving, vehicle electrification, in-vehicle infotainment systems and platform software.

“The partnership in mid to long term will expand to over 2,000 Software and Vehicle System Professionals from KPIT across the globe to power Honda’s SDM roadmap until the year 2030 and beyond,” said Kishor Patil, CEO of KPIT Technologies.

At 12.32 am, the stock was trading 6.5% higher at Rs 868.7 over its last day’s closing price of Rs 815.3 apiece. The stock has also surged over 24% year-to-date, while it has given multibagger returns of over 1200% in the last three years.

“Our broad experience in developing SDV roadmaps for several industry-leading car and truck makers coupled with an ecosystem of Alliances gives us the confidence to create something unique for Honda,” Sachin Tikekar, President & Joint MD of KPIT Technologies said.

As per Trendlyne data, the average target price estimate for KPIT Technologies is Rs 772, which shows a downside of 11% from the current market prices.

The consensus recommendation from ten analysts for the stock is a Hold. Six analysts have strong buy and buy ratings, while two have strong sell and sell ratings. The remaining two analysts have hold ratings. KPIT Tech reported a 49% increase in total income to Rs 938 crore in Q3FY23, against Rs 630 crore in Q3FY22. The company’s net profit also rose 48% to Rs 104 crore, compared to Rs 70 crore in Q3FY22.

KPIT Technologies is an Indian company which provides embedded software and product engineering services to automotive companies. It has engineering centers in Europe, the USA, Japan, China, Thailand, and India.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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