Coforge Share Price Declines Ahead Of Board Meeting To Consider Stock Split
Coforge's board of directors is scheduled to meet on March 4, 2025.
Shares of Coforge Ltd. fell on Thursday, after the company announced an upcoming board meeting to discuss a potential stock split.
The board of directors is scheduled to meet on March 4, 2025, to consider the proposal of altering the company’s share capital by subdividing the existing equity shares with face value of Rs 10 each.
The board meeting will focus on the sub-division or split of the fully paid-up equity shares, in a manner to be determined by the board, Coforge said. The proposed stock split will require approval from existing shareholders and other necessary regulatory approvals.
The company also announced that its trading window for dealing in shares will remain closed immediately for all designated persons and their immediate relatives. The trading window will reopen 48 hours after the outcome of the board meeting is determined.
Coforge Ltd.‘s consolidated net profit for the October-December quarter increased by 6.6% sequentially, reaching Rs 216 crore, up from Rs 202 crore in the previous quarter. Despite this growth, the net profit fell short of analysts’ consensus estimates compiled by Bloomberg, which had projected a bottom line of Rs 270 crore.
Revenue from operations climbed 8.4% sequentially to Rs 3,318 crore from Rs 3,062 crore, surpassing Bloomberg’s estimate of Rs 3,139 crore.
Coforge Share Price
Shares of Coforge fell as much as 1.66% to Rs 7,507 apiece. They pared losses to trade 1.27% lower at Rs 7,536.45 apiece, as of 10:39 a.m. This compares to a flat NSE Nifty 50.
The stock has risen 14.86% in the last 12 months. The relative strength index was at 33.
Out of 38 analysts tracking the company, 24 maintain a 'buy' rating, four recommend a 'hold' and 10 suggest 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 25.7%.
