KPIT Technologies surges 12%, hits record high in a weak market

Shares of KPIT Technologies surged 12 per cent to hit a record high of Rs 185 on the BSE in intra-day trade on Wednesday in an otherwise weak market. The stock of the IT consulting and software company surpassed its previous high of Rs 174 touched on March 10, 2021.

At 09:49 am, it was trading 11 per cent higher at Rs 183 as compared to a 0.55 per cent decline in the S&P BSE Sensex. A combined around 2.5 million equity shares of the company changed hands on the counter in the first 34 minutes of trade on the NSE and BSE.

On March 10, Kishor Parshuram Patil, the promoter of KPIT Technologies had sold 6.05 million equity shares (2.21 per cent of the total equity capital of the company) worth Rs 94 crore of the company via the open market on the NSE and BSE.