Mid Cap IT Stock Declares Rs 22/Share Aggregate Dividend, Buy For 27% Return: HDFC Securities

Board of mid cap IT Software sector stock, Persistent Systems Ltd has declared final dividend of Rs 12 per equity share and a special dividend of Rs 10 per equity share for the financial year 2022-23. The stock gave return of 19% in last 6-months and 844% return in last 3-years. Meanwhile, HDFC Securities remains upbeat on the stock and assigned buy call with target price of Rs 5600 per share and likely return of 27%. Check details below:

Persistent Systems Ltd Declares Final, Special Dividend: According to the BSE filing of Persistent Systems, "Recommendation of Final Dividend and Special Dividend for the Financial Year 2022-23 - We wish to inform you that the Board has recommended a Final Dividend of INR 12 (INR Twelve Only) per Equity Share and a Special Dividend of INR 10 (INR Ten Only) per Equity Share of INR 10 each for Financial Year 2022-23. The Special Dividend is being recommended for achieving $1 billion in annual revenue and will be paid along with the Final Dividend. This aggregate Dividend of INR 22 (INR Twenty-Two Only) per Equity Share is subject to the approval of Members at the ensuing Annual General Meeting which will be held on or before September 30, 2023."

Persistent Systems Ltd Stock Performance & Return: The current market price of the stock is Rs 4423.25 per share with intraday fall of 0.40% till 9:17 am on Tuesday. The stock's 52-week high price is Rs 5131.15 per share and 52-week low price is Rs 3091.65 per share, respectively. The company has a market capitalisation of Rs 34,135.08 crore. The stock gave return of 9% in last 1-year, 135% return in last 2-years, and 844% return in last 3-years, and jumped 509% in last 5-years.

Valuation: According to HDFC Securities, "We recently met the management of Persistent Systems (PSYS) and reckon that PSYS will outperform ahead-both on growth and margins. PSYS' earnings upgrade has been the highest relative to peers and we believe that there's further upside risk to consensus earnings."

Persistent Systems Ltd About: Persistent Systems Limited provides outsourced software product development. Persistent Systems offers services such as testing, support, and professional services. The software development company develops and maintains software systems and solutions. The company was incorporated in 1990.

Disclaimer: The stock has been picked from the brokerage report of HDFC Securities. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.