Final Dividend of Rs. 10/Share: Record Date To Be Announced Soon; Invest in IT Stock?

Persistent Systems is a large-cap IT business with a market value of Rs 54,080.79 Cr as of Monday’s closing session. At its meeting on April 21, the Board of Directors approved the financial results for the quarter and year ended March 31, 2024. The public is now aware of these outcomes. Following the announcement, Persistent Systems’ shares closed at Rs 3510.60 a share on Monday.

Persistent Dividend Systems

We would like to notify you that, for the Financial Year 2023-2024, the Board of Directors has proposed a Final Dividend of INR 10 (INR 10 only) per Equity share with a face value of INR 5 (INR 5 only) per share. The consent of Members at the subsequent Annual General Meeting, scheduled for September 30, 2024, at the latest, is required for this Final Dividend. Persistent Systems said in a regulatory filing that the Book Closure and Record date for the purpose of paying the Final Dividend for the Financial Year 2023–24 would be decided later and announced separately.

The corporation states that in January 2024, the Board announced an interim dividend of Rs 32 per share, based on the face value of Rs 10 per share.

Results for Persistent Systems Q4
The IT business recorded a 25.4% year-over-year (YoY) growth in net profit to Rs 315.3 crore for the fourth quarter, which ended on March 31. Consolidated sales for the firm in the fourth quarter was Rs 2,590 crore, representing a 14.9% YoY increase. For the quarter that concluded on March 31, 2024, orders were recorded at $447.7 million in terms of Total Contract Value (TCV) and $316.8 million in terms of Annual Contract Value (ACV).

“Our continued success this fiscal year is a testament to our innovative spirit, remarkable resilience, and strategic foresight, powering the digital transformation journeys of our clients,” said Anand Deshpande, Founder, Chairman, and Managing Director of Persistent. Every obstacle we face is an opportunity, and every victory serves as a springboard for our next projects. We have created new standards for the industry because to our unwavering commitment to excellence in all we do. In the next year, we’ll keep pushing the envelope to achieve greater things.”

“As we reflect on fiscal year 2024, I would like to extend my gratitude towards our incredible team, clients, partners, and investors, whose continued trust has powered our impressive journey,” said Sandeep Kalra, Chief Executive Officer and Executive Director of Persistent. Because of our excellent operational discipline, industry-leading growth, and dedication to developing unique skills, Persistent was named the 2023 India Business Leader Awards’ “Most Promising Company” by CNBC-TV18. Additionally, we were included to the S&P BSE 100, S&P BSE SENSEX Next 50, and MSCI India Index, three esteemed capital market indexes. We are enthusiastic about the journey ahead as we start the new fiscal year and are confident in our capacity to promote sustainable development via wise investments in cutting-edge technologies like artificial intelligence.”

Target for Persistent Systems: Share Price
As to Choice Broking’s Mandar Bhojane, an equity research analyst, Persistent Systems Ltd. (PERSISTENT) is now trading at Rs 3533. Persistent saw a 9% decrease today, April 22, signaling negative pressure on the company as year-to-date gains were countered by a loss in Q4. The 200-day Exponential Moving Average (EMA), which is now being traded by the company, is anticipated to serve as a support level at Rs 3462.

Additionally, PERSISTENT is showing a negative momentum by trading below important Exponential Moving Averages (EMAs), such as the 20-day, 50-day, and 100-day EMAs. At 25, the Relative Strength Index (RSI) indicates that the stock is oversold and may be about to turn around and move back into positive territory.
Setting a stop-loss (SL) around Rs 3300 to safeguard assets in the event of an unanticipated market reversal is recommended for optimal risk management. A wise tactic would be to look for chances to purchase at prices between Rs. 3400 and Rs. 3500 when the market declines.

In conclusion, PERSISTENT seems to provide a good purchasing opportunity for investors aiming for a price goal of Rs 4000 and Rs 4200, subject upon the application of appropriate risk management measures. This is due to the technical analysis and current market circumstances.