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Tata Elxsi shares jump over 5% as tech stocks trade mixed

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Tata Elxsi shares rise: The multibagger stock of the Tata group company rallied over 5 percent amid a mixed trend in IT stocks. This comes a day after Tata Elxsi informed exchanges about LIC picking up a stake in the company.

Tata Elxsi shares jump over 5% as tech stocks trade mixed
Tata Elxsi’s share price climbed more than 5 percent intraday on Thursday when information technology stocks, including Infosys, Wipro, and Tata Consultancy Services (TCS), remained in focus following the announcement of their earnings for the third quarter ended December 31, 2021.
The design-led technology services provider’s stock was among the top gainers in the IT pack on BSE.
At the time of writing, Tata Elxsi shares were trading 4.16 percent higher at Rs 6378.90 on the BSE and the stock jumped 4.31 percent to Rs 6,377.55 on the NSE.
The upward movement in the shares of the Tata group’s company also comes a day after it informed the exchanges that Life Insurance Corporation Of India (LIC) bought a 1.04 percent stake (6,49,786 equity shares) in the stock during the October-December 2021 period.
A multibagger, Tata Elxsi has rallied almost 170 percent in the last one year as against the benchmark Sensex that rose 23.5 percent during the period. In the six months price, the stock jumped more than 48 percent.
Kunj Bansal, CIO, Karvy Capital, on Wednesday told CNBC-TV18 he was positive on Tata Elxsi. The company has been doing very well and as a result of any correction for medium-term investment, it's a good investment.
Meanwhile, analysts say the gaining streak of IT stocks will continue to lead the market in 2022.
According to market expert Mehraboon J Irani, the IT story is superb and markets have given it a thumbs up for the last one and a half years. He said, at present levels, if an investor wants to make another 5-15 percent or a maximum of 20 percent over the next one year, this is the space to be in.
“2022 is also going to be good, deal wins have been good, attrition rates have been quite low, so all said and done, it is a clear thumbs-up. If you are happy with the 10-20 percent returns from yesterday’s closing price over the next 12 months, this is the space possibly to stick with,” he told CNBC-TV18.
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