Shares of Happiest Minds Technologies Ltd. surged over 6% to the highest in over three weeks on Tuesday after it announced a new vertical organisation structure comprising six industry groups.
The six new groups are industrial, manufacturing and energy & utilities, healthcare & life sciences, retail, CPG and logistics, banking, financial services and insurance, hi-tech and media & entertainment, and edtech, the IT solutions company said in an exchange filing.
"The potential of this new structure is immense and will be the bedrock of new growth engines, enabling us to compete better in the global markets and realise our vision of reaching $1 billion in revenues by 2031," Executive Chairperson Ashok Soota said.
On the NSE, the stock rose as much as 6.49% during the day after the announcement to Rs 888.90 apiece, the highest since Feb. 2. It was trading 5.05% higher at Rs 876.9 per share, compared to a 0.03% advance in the benchmark Nifty 50 as of 12:16 p.m.
The share price has risen 3.33% in the last 12 months. The total traded volume so far in the day stood at 2.1 times its 30-day average. The relative strength index was at 57.8.
Four out of the five analysts tracking Happiest Minds have a 'buy' rating on the stock and one recommends 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 7.7%.
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