KPIT free falls on reports of client filing a suit
DSIJ Intelligence / 14 Jun 2016
KPIT Technologies on Tuesday fell by almost 5.5 per cent on an intra-day basis even as broader markets are trading flat to negative based on company filing at BSE announcing that Copart Inc., one of its client, has filed a suit against its unit, Sparta, seeking damages of not less than $50 million.
KPIT Technologies on Tuesday has fallen by almost 5.5 per cent on an intra-day basis even as broader markets trade flat to negative based on company filing at BSE announcing that Copart Inc., one of its client, has filed a suit against its unit, Sparta, seeking damages of not less than $50 million.
The damages seeked by Copart are for breach of contract, fraudulent inducement and negligent misrepresentation. In its filing at BSE the company mentioned that Copart is also seeking for other relief such as indirect damages, punitive damages, attorney's fees, etc., for an unquantified amount.
KPIT Cummins has been doing well recently on bourses with the stock delivering 78 per cent return over a 1 year period. The company has shown some structural improvement over last 4 quarters and analysts were upbeat on the stock. KPIT was trading above its 200-DMA indicating bullishness in the scrip.
KPIT is trading at a P/E multiple of 17.58 versus an industry average of 19. The market cap of the stock is at Rs. 3,549 crore and the 52 w high for the stock is at Rs. 190 per share. On an intra-day basis the stock hit a low of Rs. 173 per share and recovered sharply to Rs. 179.30 per share at the time of filing this report.
Broader market is trading flat with Sensex at 26382 down by 11 points.
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