This IT Company Gave More than 600% Return Against IPO Price in 8 Months
This IT company gave more than 600% return against IPO price in 8 months, Amazon, Netflix are its clients
Share of Happiest Minds Technologies was listed with a premium of 111 per cent. So far, this stock has given an excellent return of 625 per cent against the issue price. Amazon, Netflix are its clients.
Shares of Happiest Minds Technologies closed at Rs 1201 with a gain of about 1 per cent today. About 8 months ago on 17 September 2020, this stock was listed on BSE and NSE. The stock has given a return of over 625 per cent over the issue price since listing. The investors who would have invested in this stock have become rich today.
The issue price of Happiest Minds Technologies was kept at Rs 165-166. The stock was listed at Rs 351 with a premium of 111 per cent. Since then this stock has never looked back. The stock has given a return of 27 per cent in the last one week. It has given returns of 34 per cent in one month, 95 per cent in three months and 250 per cent so far this year.
Mutual funds have also expressed confidence
The 52-week high of this stock is Rs 1247.65 while the lowest level is Rs 307. The company’s market cap is Rs 17,688 crore. The promoter’s stake in this company is 53.25 percent. FIIs hold 7.07 per cent, Domestic Institutional Investors hold 7.39 per cent and Public has 32.30 per cent. The share of mutual funds has increased from 6.17 per cent to 6.57 per cent in this quarter. The number of mutual funds also increased from 10 to 13.
Long position when below 1000
Market experts say that there is still more momentum left in this stock. There is also a strong support at 1000 level. In a report published in Mint, Avnish Gorakshar of Profitmart Securities said that the business model of this company is very good. It also has the business of cloud computing. Its clients in the OTT platform include companies like Amazon and Netflix.
This share can reach up to Rs 2100
In the coming days, there will be a massive investment in cloud business and OTT platform. In such a situation, if this stock comes below 1000, then investors should buy for the long term. Ravi Singhal, Vice Chairman of GCL Securities, says that in the next 12-18 months, this stock will cross the level of Rs 2000-2100.