KPIT Technologies share up 12%. Why?

IT consulting & services company KPIT Technologies up over 12% today. Lately, the stock has been on a fairy tale run. Moreover, the company raised outlook for revenue and profit for FY22. For FY22, it raised both Revenue and Earnings before interest, tax, depreciation and amortization (EBITDA) margin outlook to 20% and 17.5% respectively. That’s why today the stock soared significantly.

The company has been playing a vital role in providing IT solutions to EV segment also. In latest development, it entered into a partnership with dSPACE for EV charging solutions. dSPACE offers a platform for original equipment manufacturers (OEMs) and their suppliers to test software and hardware components of a new vehicle before launch. Recently, Goldman Sachs has raised the target price of this stock to Rs. 1040.