Stock Overview: These Two IT Stocks Swing Up to 7% on Friday

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Stock Overview: These Two IT Stocks Swing Up to 7% on Friday
Credit: © Reuters.

By Malvika Gurung -- Coforge (NS: COFO )

Shares of the information technology company ended 7.1% higher at Rs 4,713.25 apiece, after surging over 8% on Friday, backed by its robust earnings results for Q3 FY22.

The stock surge was largely dominated by the company's management raising organic constant currency revenue growth guidance by 2% to 24% for FY22 and revised the annual revenue growth outlook to about 37%.

This was because the company recorded strong deal inflows by far in FY22, along with a robust deal pipeline. The management also informed signing large deals in the Dec quarter, with two deals over $10 million.

MapmyIndia (NS: CEIF )

Shares of the digital mapping company ( CE Info Systems ) ended 6.08% lower at Rs 1,350.95, after tanking over 11% on Friday, responding to weak earnings results in Q3 FY22.

The domestic software company’s consolidated profit after tax declined 14% YoY to Rs 18.5 crore in Q3 and revenue from operations fell 11% YoY to Rs 43.37 crore.

The recently listed company’s EBITDA margins reduced 700 basis points to 35.9%, YoY. The company’s board will meet on Feb 4 for approval of a majority stake investment in an IoT and logistics SaaS tech company.

It will also consider an interim dividend in the ongoing financial year.

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