KPIT Tech shares hit yearly high following Goldman Sachs' persistent 'buy' rating

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KPIT Tech shares hit yearly high following Goldman Sachs' persistent 'buy' rating
Credit: © Reuters.

Shares of KPIT Technologies (NS: KPIE ) soared to a yearly high of Rs 1,234.5 per piece on the BSE on Wednesday, driven by Goldman Sachs (NYSE: GS )' persistent 'Buy' rating and an increased share price target of Rs 1,420. The stock opened at Rs 1,175.1, up from its previous day's close of Rs 1,164.50, and reached the peak within half an hour.

At the time of reporting, KPIT Tech 's shares were trading at Rs 1,208.65, marking an increase of 3.8% for the day from the previous closing. This rise continues the robust performance demonstrated by the stock in recent times.

Over the past week, the stock has seen a significant uptick with a four-day increase of 6.22%. This growth extends to a one-month increase of 4.51%, and a substantial six-month surge of 45.61%.

Since the start of the year, KPIT Tech's shares have jumped nearly 72%, and they have gained over 77% on an annual basis. These figures significantly outperform the Nifty 50 benchmark, highlighting the strong performance of KPIT Tech in the market.

Goldman Sachs has played a pivotal role in this upward trajectory with its unwavering 'buy' rating for KPIT Tech. The raised share price target from the investment banking giant further fuels investor confidence in the tech company's stock.

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