Sagility India Ltd.'s share price extended gains to third day tracking overall gains in information technology stocks. The company provides technology and transformation driven business process management mostly in medical and healthcare domains.
On National Stock Exchange, IT stocks were leading the gains tracking gains on Wall Street over the weekend. US stocks advanced as the US Federal Reserve Chair Jerome Powell in his key address to Jackson Hole Economic Policy Symposium gave hints of rate cuts in near term.
This has increased bets on a rate cut in September to nearly 90% from earlier 75%, according to data on FedWatch Tool.
Most Indian IT companies run business units and sell their services in the US, making them vulnerable to the economic factors of America.
No fundamental or business related trigger is acting behind Sagility India's rally in Monday's session.
Sagility India share price rose 1.37% to Rs 46.43 apiece. It was trading 0.74% higher at Rs 46.40 apiece as of 10:22 a.m., compared to 0.22% advance in the NSE Nifty 50 index.
The stock advanced 58.53% in 12 months, while it declined 7.91% on year-to-date basis. The relative strength index was at 57.41 .
Six analysts tracking the company maintain a 'buy' rating, according to Bloomberg data.
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