Happiest Minds Shares Fall Over 6.5% After Running Up 235% Since IPO

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Happiest Minds Shares Fall Over 6.5% After Running Up 235% Since IPO
Credit: © Reuters.

By Aditya Raghunath

Investing.com -- Shares of Happiest Minds Technologies Ltd (NS: HAPP ) are trading down 6.6% today at Rs 504.5 after the stock ran up almost 57% between February 10 to February 23.

Brokerage firm Nomura Holdings Inc (T: 8604 )had recommended a buy on Happiest Minds on Tuesday, February 16, with a price target of Rs 480. The stock jumped from Rs 403 on February 16 to Rs 483 on February 17.

A report in LiveMint cautioned investors against getting too excited with respect to the stock. The reports said, “Not only was Nomura Group one of the lead managers for Happiest Minds’ initial public offering (IPO) less than six months ago, but it also “expects to receive or intends to seek compensation for investment banking services (from Happiest Minds) in the next three months”.”

Shares of Happiest Minds had moved up over 235% from its IPO in September 2020, with an issue price of Rs 166, to Rs 557 at close on February 23.

To be fair to Happiest Minds, its results for the third quarter of FY21, which ended December 2020, were good. Revenue grew 14.6% to Rs 201.29 crore and a profit of Rs 42 crore compared to revenue of Rs 175.57 crore and profit of Rs 21.38 crore in the corresponding quarter last fiscal.

In an interview with ET NOW, Venkatraman Narayanan, MD & CFO, Happiest Minds said that the company plans to get to 21% growth in operating revenues, double the industry rate of  8-10%.

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