LIC Hikes Stake in Coforge to 5.033%; Macquarie Sees 60% Upside
By Malvika Gurung
Investing.com — The country’s largest insurance company Life Insurance Corporation Of India (NS:) has raised its shareholding in the IT company Coforge (NS:) Ltd, as per the state-owned giant’s exchange filing on Tuesday.
The insurance behemoth purchased 35,105 equity shares of Coforge, aggregating to a shareholding of 0.057% of the company on Monday, Jan 16, 2023, in an open market purchase.
Following the share purchase, LIC holds a total of 30,73,908 equity shares of Coforge, translating to a 5.033% stake in the company. Ahead of the transaction, LIC held 30,38,803 shares or a 4.976% stake in the IT firm.
The global research and brokerage major Macquarie (ASX:) has set an ‘Outperform’ rating on Coforge and is among the brokerage’s top 6 stock picks in the Indian midcap IT space.
Macquarie has set a target price of Rs 6,260/share on Coforge, which is a 59.7% upside from Tuesday’s closing price. It believes that the IT company has good exposure to mid-sized US banks, driving growth.
Read Also: Macquarie is Extremely Bullish on 6 IT Midcaps, Sees Upto 108% Upside