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Business News/ Markets / Stock Markets/  Birlasoft share price jumps ahead of Q3 results today. Buy or sell?

Birlasoft share price jumps ahead of Q3 results today. Buy or sell?

Multibagger IT stock: Birlasoft shares are rising ahead of its Q3 results today

Q3 results today: The market is expecting robust order intake by Birlasoft during Q3FY24.Premium
Q3 results today: The market is expecting robust order intake by Birlasoft during Q3FY24.

Buy or sell stock: Birlasoft shares witnessed strong buying interest during ealy morning deals at the Indian stock market. The multibagger IT stock opened upside and went on to touch an intraday high of 814.90 apiece on NSE within a few minutes of stock market's opening bell. However, Birlasoft share price missed by a whisker to breach its lifetime high of 817.90 per share.

According to stock market experts, Birlasoft is going to declare its Q3 results today and the market is expecting a robust order intake during October to December 2023 quarter. They said that Birlasift shareholders should hold the scrip maintaining the stop loss at 780 per share level. Once the multibagger IT stock breaches its current hurdle placed at 820 on a closing basis, it may go up to 870 apiece levels in short term.

Also Read: RailTel share price jumps ahead of Q3 results today. Buy, hold, or sell?

Birlasoft Q3 results preview

On what market is expecting from Birlasoft results in Q3FY24 period, Dhruv Mudaraddi, Research Analyst at StoxBox said, "In Q3FY24, Birlasoft Ltd. is poised for low single-digit QoQ growth in CC terms, buoyed by favorable conditions in the manufacturing and insurance sectors, although tempered by headwinds in the life sciences domain. The primary drivers of this growth trajectory are Cloud, Data analytics, and ERP services. Despite the revenue uptick, a slight decline in EBIT margins is anticipated, primarily attributed to the impact of a two-month wage hike offset to some extent by cost optimization efforts and net currency benefits."

Also Read: Nearly 60% of Nifty 50 stocks are down this month; 8 stocks dipped more than 10%

"A robust order intake is anticipated, driven by seasonal strength in renewals. Further, we would look for comments on the strategy under the newly appointed CEO, update on growth and margin outlook for 4QFY24E/FY25E and the impact of macro concerns on demand/its clients," the StoxBox expert said.

Birlasoft share price target

Expecting further rally in Birlasoft shares, Sumeet Bagadia, Executive Director at Choice Broking said, "Birlasoft shares are looking strong on chart and it may become highly bullish once it breaches above 820 hurdle on a closing basis. Birlasoft shareholders are advised to hold the scrip maintaining stop loss at 780. After breakout above 820, the stock may touch 850 to 870 levels in short-term.

On suggestion to fresh investors, Bagadia said, "Fresh investors can maintain a buy-on-dips strategy maintaining the stop loss at 780 for short term target of 850 to 870 apiece."

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 24 Jan 2024, 11:32 AM IST
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