This IT stock has been doubling shareholders’ money after 4 years since 2008. Do you own?

Multibagger stock: After Lehman Brothers crisis leading to global subprime loan crisis and economic slowdown in 2008, global equity market including Dalal Street gave strong bounce back in pull-back rally. This rally in Indian stock market continued for next 12 years till Covid-19 pandemic caused next economic slowdown. However, long-term investors made big money during the sell-off in both 2008 and 2020 economic crisis. Coforge shares are one such stock that has been giving whopping return to its shareholders since 2008 economic slowdown. In fact, this mid-cap IT stock has been doubling shareholders' money after a gap of four years since 2008.

Coforge share price history

In mid-March 2008, Coforge share price was at ₹90 apiece that surged to ₹190 apiece levels in March 2012, giving little more than 100 per cent return to the positional shareholders of the IT company. Later on in March 2016, Coforge share price surged to ₹460, giving near 140 per cent return to its shareholders in next four years. Likewise, in March 2020, this mid-cap IT stock price went up around ₹1,790 apiece levels, delivering near 290 per cent return to its long term shareholders in next 4 years. In next two years, Coforge share price has made its life-time high of ₹6,133 on BSE, giving more than 100 per cent return to its shareholders on this period. However, after the Russia-Ukraine war Coforge share price has today come down at ₹3,340 apiece levels, which is around 86 per cent higher from its March 2020 price on BSE.

Coforge share price outlook

Expecting pull-back rally in Coforge share price, Sumeet Bagadia, Executive Director at Choice broking said, "Coforge shares have retraced from its life-time high of ₹6,133 made on BSE in December 2021. As the stock has corrected to the tune of 45 per cent from its highs and pull-back in the stock is widely awaited. Those who have long term view can buy this stock at current levels keeping stop loss below ₹3,000 and accumulate if the stock comes around ₹3,100 to ₹3,150 apiece levels. The stock may go up to ₹4,000 apiece levels in next 12 months."

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.