Shares of KPIT Technologies rose 7% to Rs 874.95 on the BSE in intraday trade on Friday in an already volatile market with heavy turnover. Shares of the information technology (IT) company hit an all-time high of Rs 876 on February 17, 2023.
Over the past three years, KPIT Technologies’ market price has risen 13 times, or 1,248%, while the S&P BSE Sensex has risen 89%. It traded 6% higher at Rs 867.60 at 12:12 pm, while the benchmark index fell 0.06%. Over-the-counter trading volume has almost doubled, with 5.07 million shares changing hands on the NSE and BSE.
KPIT Technologies, a company that provides software solutions to the automotive and mobility industry, announced its partnership with Honda on March 15 to accelerate Honda’s software-defined mobility journey.
Kishor Patil, CEO and MD of KPIT Technologies, stated that the relationship with Honda will involve more than 2,000 people by 2030, adding that Honda was seeking a long-term partner in the autonomous space and would review the agreement with Honda every 6 months. This partnership is the largest engagement for Software Defined Mobility in the industry.
Following this announcement, KPIT Technologies shares surged almost 8% on Wednesday, reaching a record high of Rs 878.80 today. Over the last three years, KPIT Technologies’ market price has increased 13-fold or by 1,248%.
KPIT Technologies partners with the global automotive and mobility ecosystem to make the vision of software-defined vehicles a reality. As a top-tier independent software development and integration partner, KPIT supports the mobility industry in advancing towards a cleaner, more intelligent, and safer future. The company derives most of its revenue from innovative technology, and the scalability of the industry is huge.
In the recent October-December quarter, the company’s revenue came in at 47.4% YoY, driven by organic growth of 24% YoY amid the acquisition of technology, strong order book in Software Designed Vehicle (SDV), and cross-currency benefits. Despite the recent increase in caution spending in the industry, KPIT’s top clients have not deferred any deals.
KPIT Tech’s market capitalisation has soared over 50% in the past 6 months. The stock traded 5.57% higher at Rs 861.10 on the NSE at 11:32 am, while the benchmark Nifty was trading 0.13% higher at 17,007.