The scrip has rallied more than 800 per cent from Rs 8.56 to Rs 82.45 on Wednesday. The counter has gained more than 150 per cent even after its relisting. However, after the capital restructuring, which slashed 90 per cent of its share capital, the scrip was relisted at Rs 31.45 in October.
Despite the recent run-up, analysts are bullish on the counter. They have suggested investors buy the circuit-to-circuit stock if they get a chance. The stock was not relisted at its fair value, they argued.
Kishor Ostwal, CMD, CNI Research, said the relisting of shares should have been at Rs 85-90, adjusting the delisting price. He said the real action on the counter would begin after this range, which was the fair and real price of the stock. “Investors should not miss a chance to invest in the counter,” added Ostwal, who gave a target of Rs 180 for the stock, hinting at a rally of 130 per cent from the current prices.
3i Infotech Limited has entered new business segments: cloud first, digital business services, digital transformation consulting and nextgen business services. The company will look to pave the way for digital transformation in all businesses with its technology solutions, including Cloud First NuRe offerings, BPaaS & KPaaS platform solutions, artificial intelligence & machine learning, industrial IoT, 5G-powered cognitive computing and blockchain services. It has made significant geographical headways across global markets, which includes North America, the Middle East and ASEAN, while strengthening its stronghold across the UK, Europe and Africa. India generates one-third of its revenues.
3i Infotech recently announced that the company had on November 12, 2021, sold the software product business of its subsidiary in Saudi Arabia on a going concern basis to Azentio Software. The company informed the bourses that the business transfer agreement dated December 28, 2020, was executed between the company and the buyer after receiving regulatory approvals.
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