COFORGE

Nov 24 (Reuters) - Coforge Ltd COFO.NS:

• COFORGE - LAUNCHES FORGE-X ENGINEERING AND DELIVERY PLATFORM

Source text: ID:nNSE2pBpkg

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** Shares of Coforge COFO.NS rise 1% to 1,568 rupees

** CLSA initiates coverage with "outperform" rating, sets PT at 2,346 rupees, implying 51.1% upside from last close

** Broker cites stellar execution and a solutioning-led sales approach under CEO Sudhir Singh

** Expects revenue/EBIT/EPS CAGRs of 15%/16%/22% CAGR over FY26–FY28

** Highlights co's focus on large clients, verticals, tech partners, and acquisitions as key growth drivers

** COFO rated "buy" by 32 analysts on average; median target price is 1,960 rupees – data compiled by LSEG

** Stock down 18.9% YTD

(Reporting by Rudra Pratap Singh in Bengaluru)

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Sept 22 (Reuters) - Indian information technology stocks .NIFTYIT fell 3.6% on Monday after U.S. President Donald Trump imposed a $100,000 fee on new H-1B visa applications, threatening the sector's long-standing model of rotating skilled workers into the U.S.

The index was the top sectoral loser, dragging the benchmark Nifty 50 .NSEI 0.3% lower.

All 10 stocks on the index traded lower, with losses led by Tech Mahindra's TEML.NS 5.8% slump.

(Reporting by Kashish Tandon in Bengaluru; Editing by Janane Venkatraman)

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** India's Coforge COFO.NS drops 4.1% to 1,633.30 rupees, lowest since May 12

** IT firm misses out on being added to MSCI Global Standard index

** MSCI adds four Indian stocks, including Vishal Mega Mart VSSL.NS and Swiggy SWIG.NS, to its flagship MSCI Global Standard index .MIEF00000PUS, setting them up for potential total inflows of $1 billion

** COFO was expected to be added to MSCI index, according to IIFL

** Stock extends YTD losses to 15.4%

(Reporting by Kashish Tandon in Bengaluru)

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** India's Coforge COFO.NS falls 8.2% to 1,698 rupees, set for worst day since May 2024

** Stock second biggest pct loser on midcap index .NIFMDCP100, which is trading 0.6% lower

** Mid-cap IT services co reported higher quarterly profit and revenue but analysts say margins were a miss due to softness in key banking and financial services vertical

** Growth was largely driven by the Americas, however, BFSI growth was relatively weak, resulting in EBIT margins below consensus, Morgan Stanley analysts say

** Peer Persistent Systems PERS.NS reported higher Q1 profit but analysts flag macro headwinds could hit growth

** Avg rating on COFO at "buy"; median PT is 1,810 rupees - data compiled by LSEG

** Stock extends YTD decline to 12% vs midcap index's 3.1% climb

(Reporting by Kashish Tandon in Bengaluru)

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** Motilal Oswal says India's Coforge's COFO.NS executable order book sets the floor for a "solid" fiscal 2026

** COFO's revenue growth CAGR of 17% between FY17 to FY25 is highest among peers and boosted by its BFSI and transportation verticals - Motilal

** Adds, management's commitment to achieve $2 bln revenue by FY27, led by digital transformation-led demand, ensures high revenue visibility for COFO over next 12-18 months

** Stock trading 1.2% higher on the day

** Brokerage reiterates "Buy" rating with PT of 2,200 rupees

** COFO among five stocks on 10-member IT index .NIFTYIT rated "Buy" - data compiled by LSEG

** YTD, COFO down 2.6% vs IT index's 10% decline

(Reporting by Kashish Tandon in Bengaluru)

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June 23 (Reuters) - Coforge Ltd COFO.NS:

• COFORGE LTD - COLLABORATES WITH DUKE'S FUQUA SCHOOL TO ACCELERATE GEN AI ADOPTION

Source text: ID:nBSEmd7hf

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May 27 (Reuters) - Coforge Ltd COFO.NS:

• COFORGE LTD - ANNOUNCES STRATEGIC PARTNERSHIP WITH NYLAS

Source text: ID:nBSEZjfrn

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Corrects syntax in paragraph 1

By Haripriya Suresh

BENGALURU, April 4 (Reuters) - India's $283-billion IT sector should brace for a rough year ahead as tariffs are likely to stoke inflation in its key U.S. market and force clients to cut spending, analysts said.

Although President Donald Trump did not impose direct tariffs on IT services, Indian firms are expected to feel the heat as clients, especially in manufacturing, logistics and retail sectors, adjust to the new levies.

That could slow deal cycles, delay existing projects and hurt revenue growth, analysts said. Bernstein and ICICI Securities rushed to cut their ratings on the Indian IT sector soon after the tariff announcement.

The tariffs come at a time the sector was counting on Trump to revive client confidence and discretionary spending after years of weak revenue growth.

The U.S. accounts for more than half of India's $190 billion software exports, making the sector sensitive to shifts in spending confidence among businesses in the world's largest economy. J.P.Morgan on Friday lifted global and U.S. recession odds to 60% after Trump's tariff announcement.

"With a rising risk of U.S. recession and uncertain decision-making, we think chances of fiscal 2026 being a complete washout are rising," J.P. Morgan said in a note on Friday, without giving specific numbers.

At least six analysts expect Indian IT firms to issue a "conservative" annual revenue growth forecast when quarterly results start next week.

Companies with a greater exposure to discretionary spending are expected to bear the brunt of any tariff-fueled slowdown.

"Discretionary IT spend will likely see an impact across the industry verticals. Companies to get impacted will typically be the high-growth companies in the large caps and some of the mid-caps where the exposure usually is much higher on the discretionary side," BNP Paribas analyst Kumar Rakesh said.

He added the impact of a potential slowdown could be apparent by the September quarter.

India's Nifty IT index .NIFTYIT fell 3.6% on Friday to take its losses for the week to 9.15%, the steepest weekly fall for the index in more than five years.

(Reporting by Haripriya Suresh; Editing by Dhanya Skariachan, Sonia Cheema and Saumyadeb Chakrabarty)

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March 27 (Reuters) - Coforge Ltd COFO.NS:

• ENHANCES COLLABORATION WITH MICROSOFT TO BOOST DEVELOPER PRODUCTIVITY

• TRAINS OVER 10,000 DEVELOPERS ON GITHUB COPILOT

Source text: ID:nBSE5rZfJD

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** Morgan Stanley tweaks its India focus list of stocks to add IT company Coforge COFO.NS and airlines operator Interglobe Aviation INGL.NS

** Brokerage removes Infosys INFY.NS and automaker Mahindra & Mahindra MAHM.NS to accommodate the additions

** Brokerage remains positive on large private sector financials, consumer, industrial and IT stocks

** Large-deal momentum, increasing addressable market, execution track record bodes well for COFO's growth prospects, it says

** Adds, COFO's recent underperformance over IT stocks offers good entry point

** COFO down 25% in 2025 so far; IT .NIFTYIT lost 17%

** INGL's rising market share in India, one of the fastest growing aviation markets, to aid earnings over fiscal years 2025-2027, according to Morgan Stanley

** COFO little changed on the day, INGL is up 1.6%; INFY and MAHM up 0.4% and 1.9%, respectively

(Reporting by Bharath Rajeswaran in Bengaluru)

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March 5 (Reuters) - Shares of India's Coforge COFO.NS jumped as much as 10% on Wednesday, a day after the IT services provider signed a 13-year partnership with U.S.-based travel bookings provider Sabre Corp SABR.O.

The stock was up 9.1% as of 10:44 a.m. IST, on track for its second-highest percentage gain so far in 2025, and was the top percentage gainer on the IT index .NIFTYIT which was trading 2% higher.

The deal, Coforge's largest ever, not only provides greater revenue growth visibility for fiscal year 2026 but will also improve its positioning in the travel vertical, analysts at Jefferies said.

Coforge on Tuesday said that the deal positions it as "a key partner in furthering Sabre's ability to accelerate product delivery and launch artificial intelligence-enabled solutions," without providing specific details.

Valued at $1.56 billion, the deal is significantly bigger than Coforge's fiscal year 2024 revenue of $1.05 billion.

"Being able to win against larger peers is quite commendable and should lead to more such deal wins in the future," Jefferies said.

Macquarie analysts said that the deal suggests Coforge is able to convince customers to award it significantly bigger deals than normal, implying that clients deem the company as "a safe pair of hands."

The deal would likely bring in annual revenue of $140 million to $150 million in the initial years, they said.

Morgan Stanley analysts called the deal value "much higher than expected".

Coforge is among only four stocks rated "buy" on average in the 10-member IT index, same as larger peers Infosys INFY.NS and TCS TCS.NS, per data compiled by LSEG.

However, the stock has lost 10% so far this year, compared to a 12% decline in the IT index, which has been pressured by concerns over tariffs under U.S. President Donald Trump's administration.

($1 = 87.1525 Indian rupees)

(Reporting by Kashish Tandon in Bengaluru; Editing by Varun H K)

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March 4 (Reuters) - Coforge Ltd COFO.NS:

• COFORGE LTD - SABRE LAUNCHES STRATEGIC COLLABORATION WITH COFORGE

Source text: ID:nNSE6pCGpS

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Feb 25 (Reuters) - Coforge Ltd COFO.NS:

• COFORGE LTD - BOARD TO CONSIDER SHARE SPLIT

Source text: ID:nBSE809vNJ

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** India's Fortis Healthcare FOHE.NS, One 97 Communications PAYT.NS, Coforge COFO.NS and four other stocks rise between 1% and 5% ahead of MSCI rebalancing announcement post-market hours on Feb. 11

** Eight Indian stocks likely to be included in MSCI indexes, attracting $1.28 billion inflows, says JM Financial Services

** MSCI indexes tracked widely by investors, passive funds globally

** FOHE, PAYT, COFO, and Coromandel International CORF.NS up 5.3%, 2.7%, 1.4% and 1% respectively; JM Financial Services sees high probability of their inclusion

** Blue Star BLUS.NS, Federal Bank FED.NS, Uno Minda UNOI.NS, and GE Vernova TD India GETD.NS are JM Financial's "low conviction" inclusion candidates, up 0.1%-5%

(Reporting by Vivek Kumar M)

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Jan 27 (Reuters) - Securities analysts revised their ratings and price targets on several European companies including Creditaccess Grameen, Generali, and Legal & General, on Monday.

HIGHLIGHTS

Following is a summary of research actions on European companies reported by Reuters on Monday. Stock entries are in alphabetical order.

(Compiled by Bengaluru Newsroom)

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Jan 24 (Reuters) - Securities analysts revised their ratings and price targets on several European companies including Anglo American, Energean, and Savills, on Friday.

HIGHLIGHTS

Following is a summary of research actions on European companies reported by Reuters on Friday. Stock entries are in alphabetical order.

(Compiled by Bengaluru Newsroom)

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** Shares of IT firm Coforge COFO.NS jump 8.7% to 8,947.2 rupees

** Co reported ~43% Y/Y rise in Q3 consol revenue to 33.18 bln rupees (~$384 mln)

** Profit before tax grew ~17%

** Stock top gainer on 10-member Nifty IT index .NIFTYIT, which is up ~1%

** Over 500,000 shares traded in first 15 minutes of trading, higher than 30-day avg of 447,967 shares

** Analysts' avg rating on COFO stock is "buy", median PT is 8,425 rupees - LSEG data

** Stock one of three rated "buy" on IT index

** COFO is second-most expensive stock with fwd 12-mth PE ratio of 41.6 on IT index

** Stock gained 54% in 2024 vs 22% rise in NIFTYIT

($1 = 86.4725 Indian rupees)

(Reporting by Manvi Pant in Bengaluru)

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** Shares of Coforge COFO.NS rise 1.8% to a record high of 9,638 rupees

** Stock on track for its third straight day of gains; also its third straight session of hitting all-time high

** Stock is top gainer on Nifty IT Index .NIFTYIT, which is down 1.3%

** Reuters could not immediately ascertain the reason behind COFO's move

** COFO sees third-busiest day in over a month, with over 467,000 shares traded

** Analysts' avg rating on stock is "buy," vs "hold" on peers LTIMindtree LTIM.NS and Mphasis MBFL.NS - LSEG

** Their median PT on COFO is 8,150 rupees - LSEG

** Stock up 53.6% YTD vs 26% gain in Nifty IT Index

(Reporting by Aleef Jahan in Bengaluru)

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Dec 10 (Reuters) - Coforge Ltd COFO.NS:

• PARTNERS WITH ACORD SOLUTIONS GROUP

• PARTNERSHIP TO DRIVE AUTOMATED SUBMISSIONS AND DATA EXCHANGE

Source text: ID:nBSE2jjHL2

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** Shares of India's Coforge COFO.NS surge 11% to 7515 rupees

** IT company's consol Q2 revenue jumped 35% YoY, and profit climbed 12%

** Co and Persistent Systems PERS.NS with 10% rise are among top pct gainers on the Nifty IT index .NIFTYIT, which is up 2.6%

** About 2.3 mln shares traded vs 30-day avg of 469k

** Stock rated "hold" on an avg, trading 6.6% higher than its median TP of 7053 rupees - LSEG data

** YTD stock had risen 19%, in-line with NIFTYIT

(Reporting by Hritam Mukherjee in Bengaluru)

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Oct 4 (Reuters) - Coforge Ltd COFO.NS:

• SECOND INTERIM DIVIDEND OF 19 RUPEESPER SHARE

Source text for Eikon: ID:nNSE9cmxBl

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** Shares of Coforge COFO.NS rise as much as 3.9% to 6,421.4 rupees, highest since March 5

** Stock top gainer on Nifty IT index .NIFTYIT, which is up 0.02%

** Co shows "definite signs" of improvement in outlook led by travel, tourism and hospitality segment, said analysts at Centrum Institutional Equities

** Expect rev and EBITDA to grow at 17% and 22.2%, respectively over FY24-FY26- Centrum

** Deal ramp-ups supported growth in Q1, will continue to do

so in 2Q, said analysts at Jefferies

** Analysts covering COFO on avg have a "buy" rating on stock vs "hold" rating on peers LTIMindtree LTIM.NS, Tech Mahindra TEML.NS and Mphasis MBFL.NS- LSEG data

** COFO up 16% so far in July, eyes best monthly gain since Aug.

(Reporting by Ashna Teresa Britto in Bengaluru)

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July 5 (Reuters) - Coforge Ltd COFO.NS:

• CO FURTHER ACQUIRED 4,618,199 EQUITY SHARES OF CIGNITI

• ACQUISITION REPRESENTS 16.92% OF CURRENT PAID UP SHARE CAPITAL OF CIGNITI

• COST OF ACQUISITION 1,398.50 RUPEES PER SHARE

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** Shares of IT services provider Coforge COFO.NS rise 1.7% to 5,418 rupees

** COFO among top gainers on Nifty IT index .NIFTYIT, which is up 1.72%

** Kotak Institutional Equities initiates coverage on the stock with "buy" rating; sets TP at 6,000 rupees, a ~13% premium to COFO's last close

** Strong order execution has led to consistent growth outperformance; co has gained wallet share with existing clients, which improves revenue - Kotak

** Brokerage expects healthy rev growth in long run on acquisition of new clients, share gains in existing accounts and market expansion

** Avg rating of 27 analysts covering the stock is "buy", median TP 5,551 rupees - LSEG data

** Stock up ~9% so far in June vs a ~11% gain in IT index

(Reporting by Ashna Teresa Britto in Bengaluru)

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June 26 (Reuters) - Coforge Ltd COFO.NS:

• COFORGE LTD - COMPANY HAS EXECUTED DEFINITIVE AGREEMENTS TO ACQUIRE MAJORITY STAKE IN CIGNITI TECHNOLOGIES

• COFORGE LTD - COMPETITION COMMISSION OF INDIA APPROVED PROPOSED ACQUISITION

Source text for Eikon: ID:nBSE9wY6q4

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May 28 (Reuters) - Coforge Ltd COFO.NS:

• APPROVED ISSUE OF UP TO 4.9 MILLION EQUITY SHARES TO 143 QUALIFIED INSTITUTIONAL BUYERS AT ISSUE PRICE OF 4,600 RUPEES PER SHARE

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By Sai Ishwarbharath B

BENGALURU, May 22 (Reuters) - Mid-tier firms in India's $254 billion information technology sector took market share from industry goliaths in recent quarters as clients curtailed discretionary spending amid inflationary pressures and economic uncertainty, analysts said.

Unlike their larger rivals such as Tata Consultancy Services TCS.NS and Infosys INFY.NS, mid-tier IT firms tend to focus on short-term deals aimed at helping clients cut costs rather than chase large-scale projects.

The practice has paid off in an environment of slowing demand in prominent markets such as North America and Europe.

LTIMindtree LTIM.NS, Coforge COFO.NS, Mphasis MBFL.NS and Persistent Systems PERS.NS are "increasingly viewed as challengers in (winning) Fortune 500 accounts, aiding the share gain process," Kotak Institutional Equities said.

The smaller companies could outperform their larger rivals further once discretionary spending improves, Kotak analysts Kawaljeet Saluja, Sathishkumar S and Vamshi Krishna said.

This should set the mid-tier IT firms up well as they try to win more budget-conscious clients in an economic backdrop where U.S. interest rates are expected to stay "higher for longer". Industry body Nasscom estimated overall revenue growth more than halved to 3.8% last financial year.

"In the current macro environment, clients are increasingly looking at service providers (that) deliver services at lower and predictable costs with better business outcomes," said Avinash Baliga, partner at consulting firm Avasant.

Persistent Systems CEO Sandeep Kalra and Mphasis CFO Manish Dugar confirmed the market share gains. India's larger IT firms did not respond to Reuters' requests seeking comment.

"We are able to hold our own and win against the larger piers as clients are looking for competency and not scale," Dugar told Reuters.

The market share of India's top five IT firms fell 17 basis points in 2023, reflecting the inroads made by the mid-tier IT firms, according to BNP Paribas data shared exclusively with Reuters. However, the top five IT firms still owned 88.35% of the market as of December 2023 among the top 10 firms.

On the stock market, share prices of Mphasis and Persistent Systems advanced 23.7% and 42.5% respectively in the last 12 months compared to a 16% gain in the broader Nifty IT Index.

In April, Infosys forecast fiscal 2025 revenue growth between 1% and 3% in constant currency terms, while most analysts had expected it to be at least in the range of 2% to 5%.

"Due to the sheer size they have reached, larger players have given muted guidance," said Ashok Soota, founder of mid-tier IT firm Happiest Minds Technologies HAPP.NS , which also gained market share. "We need to be humble about this as (our) market share is (relatively) small on the grand total."

(Reporting by Sai Ishwarbharath B; Editing by Dhanya Skariachan and Shri Navaratnam)

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May 21 (Reuters) - Coforge Ltd COFO.NS:

• COFORGE ANNOUNCES LAUNCH OF COPILOT INNOVATION HUB IN COLLABORATION WITH MICROSOFT

• COLLABORATION TO ACCELERATE ENTERPRISE ADOPTION OF GENERATIVE AI

Source text for Eikon: ID:nBSE57frmH

Further company coverage: COFO.NS

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** Shares of Coforge COFO.NS down 8.5% at 4,560.45 rupees, set for worst day since April 3, 2020

** COFO top pct loser on Nifty IT index .NIFTYIT, which is down 0.2%; stock at lowest price since June 26, 2023

** Co's Q4 revenue fell short of analysts' estimate on Thursday

** Jefferies double-downgrades COFO to "underperform", cuts PT to 4,290 rupees from 7,650 rupees

** Says key negative surprise was co not offering growth guidance for FY25; adds acquisition of Cigniti adds another layer of execution risk and imminent QIP may be an overhang

** At least 12 analysts cut their PTs - avg PT is 5,761.39 rupees, rating is "hold" - LSEG

** Four of top five Indian IT firms, which doesn't include COFO, rated "hold" on avg; Infosys INFY.NS only "buy" rated stock in IT index- LSEG

** YTD, COFO down 27.35% - most in 10-member IT index

(Reporting by Varun Vyas in Bengaluru)

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