KPIT Share Price rose almost 3% Intraday Today

KPIT Technologies has obtained strategic stake in Germany-based engineering services company MicroFuzzy for a fixed consideration of 9.3 million Euros or around Rs. 67.5 crore. In a BSE filing, KPIT Technologies today said that it has completed the agreement for a strategic partnership in a Germany headquartered engineering services company MicroFuzzy. It further said that the fixed consideration will be 9.3 million euro. The total consideration is established on the achievement of certain financial parameters over the next 4 years.

On obtaining the stake, KPIT share price rose almost 3 per cent to trade at the intraday high of Rs. 135.85.

Last month, the company had said it will sell its Berlin-based subsidiary KPIT Medini Technologies AG to ANSYS, but did not reveal the deal size. KPIT said it is growing its portfolio as a provider of services and platforms to automotive industry for product engineering sections such as Powertrain, AUTOSAR, Diagnostics, and Infotainment.

At 2:53 PM, KPIT share price was trading at Rs. 132.80.

KPIT Technologies is Indian Multinational Corporation with listed office in Pune. The company offers product engineering services and solutions, IT consulting services and technologies. The company has posted a contracted net profit in the September quarter as compared to the June quarter. In the Q2FY17, KPIT had posted the net profit of Rs. 49.15 crores while in Q1FY17, the profit stood at Rs. 58.17 crores. Revenues of the company surged 2.23 per cent y-o-y to Rs 830.9 crore in the quarter under review. As per Ravi Pandit, the co-founder, Chairman and Group CEO of KPIT, for the last one year, they have been investing in growth, specifically in account management and new sales. 

KPIT share price has touched a 52 week high of Rs. 196.25 on 21^st June 2016 and a 52 week low of Rs. 108 on 12^th February 2016. KPIT is the top 500 recommendation by Dynamic Levels for the quarter. For the details on the stock, visit KPIT share price history page of Dynamic Levels website.