Multibagger Birlasoft Ltd.'s shares reached a record high today despite today's significant fall in the Sensex and Nifty. Nifty finished 333 points lower at 21,238 while Sensex fell 1,053.10 points to 70,370. Against the previous close of Rs 803.60, the IT stock reached a record high of Rs 817.65. In a year, the multibagger stock has increased by 163.96%, and in three years, it has gained 221%. Over the past three years, the benchmark BSE 500 index has increased by 61%. This year, the IT stock has increased by 14%.
On Tuesday, Birlasoft shares closed at Rs 806.15, up 0.32%. A total of 0.91 lakh of the company's shares were traded on the BSE, generating a turnover of Rs 7.33 crore. The company's market value increased to Rs 22,229,50 crore on the BSE. On February 3, 2023, the multibagger IT stock hit a 52-week low of Rs 250.35.
"The stock has been in a strong uptrend since the last 7-8 months," stated Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher. "Recently, the stock found resistance near Rs 806 zone and witnessed some consolidation, maintaining the support near Rs 760 levels."
In order to continue the upward trend and reach the next targets of the Rs 855 and Rs 890 levels in the upcoming days, a clear breach above the Rs 806 zone is required. The opinion won't be refuted unless a clear breach below Rs 690 (the 50EMA level) is verified from the current levels.
"Birlasoft stock price is bearish & overbought on the Daily charts with strong resistance at 805," stated Tips2trades' Abhijeet. Investors should take profits now since a daily close below 745's support might soon push prices as low as 675." With a one-year beta of 0.4, Birlasoft stock exhibits extremely little volatility throughout that time. Technically speaking, the stock's relative strength index (RSI) is 72.3, indicating that it is trading in the overbought area. The stock of Birlasoft is currently trading above the moving averages of 10 days, 20 days, 50 days, 100 days, and 200 days.
Compared to a profit of Rs 115 crore during the same time last year, the IT company recorded a 26% increase in profit after tax (PAT) to Rs 145 crore for the September 2023 quarter. Operating revenue increased 9.8% to Rs 1,309 crore in the September 2023 quarter compared to Rs 1,192 crore in the same period the previous year. Computer programming, information and communication services, consulting, and associated activities are all provided by Birlasoft. The business offers a variety of services, including enterprise and digital technology and services.
