Oracle Financial Services jumps 19% after robust Q3 result; Anil Singhvi suggests holding the stock
As of 10:27 a.m., shares of Oracle Financial Services Software traded 19.12 per cent or Rs 972.6, higher on the BSE at Rs 6,060 apiece. The market capitalisation of the company at around the same time stood at Rs 52,313.10 crore.
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Shares of Oracle Financial Services Software zoomed over 19 per cent in the morning deals on Thursday (January 18) and hit a 52-week high of Rs 6,088.7 apiece on BSE, which was Rs 16.15 away from its upper circuit limit of Rs 6,104.85 apiece. The stock jumped after the company posted strong Q3 FY24 results.
As of 10:27 a.m., shares of Oracle Financial Services Software traded 19.12 per cent or Rs 972.6, higher on the BSE at Rs 6,060 apiece. The market capitalisation of the company at around the same time stood at Rs 52,313.10 crore.
A look at Oracle Financial Services Software's Q3 numbers
The IT company posted a 26.3 per cent rise in revenue at Rs 1,824 crore against Rs 1,444 crore in the three months from July to September. The company's profit after tax (PAT) stood at Rs 741 crore against Rs 417 crore in the previous quarter. Operating margins remain at upper levels for eight quarters at 46.6 per cent against 37.3 per cent QoQ.
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Earnings before interest and tax (EBIT) stood at Rs 850 crore against Rs 539 crore QoQ.
According to Zee Business research, the company's earnings per share grew 77.4 per cent in Q3 FY24.
Anil Singhvi's view on Oracle Financial Services
Zee Business Managing Editor Anil Singhvi said the company has posted strong third-quarter results. The stock breached the target price of Rs 5,200 apiece given by Singhvi.
Singhvi further recommended holding shares of Oracle Financial Services.
Oracle Financial Services share price: Past performance
In a year, the stock has gained over 93 per cent against the Nifty 50's rise of over 17 per cent.
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