Persistent Systems Jumps 6% as CLSA Initiates 'Buy'

Persistent Systems shares jumped as much as 6 per cent to an intraday high of Rs 820 on Wednesday after Asia Pacific oriented brokerage CLSA initiated coverage on the stock with 'buy' rating.
  CLSA has maintained a target of Rs 1,000 on the stock indicating a potential upside of 29 per cent on the stock from Tuesday's closing price.
  CLSA believes Persistent Systems' strength in the digital space will drive multi-year growth for the company. The brokerage expects margins of the company to improve from higher billing rates.
  Persistent Systems is a mid-sized IT company, which provides software product development and technology services. The company focuses on three areas-IP Business, solution integration and product engineering. It provides services to clients across technology, telecommunication, life science, banking and financial services companies around the world.
  Shares of Persistent Systems ended 2.32 per cent higher at Rs 791.15 apiece, compared to 0.69 per cent rise in the broader Nifty.