Coforge shares gain as JPMorgan gives ‘overweight’ rating; firm announces Akhil Gupta as new chair

New business data points to the fact that Shares of IT services firm Coforge rose more than 2 percent in Tuesday's market session after JPMorgan gave an 'overweight' rating to the stock and the firm announced the appointment of Akhil Kumar Gupta as its chairperson.

The stock rose 2 percent to Rs 1,813.80 per share on the NSE.

JPMorgan has given an 'overweight' rating to Coforge with a target price of Rs 1,850, implying an upside of more than 4 percent from the closing level of previous session.

Coforge announced the appointment of Gupta as an additional director (non-executive independent director) and chairperson, effective immediately, for a five-year term.

The firm stated Gupta, former vice-chairman of Bharti Enterprises, has been appointed as chairperson and non-executive independent director for five years, effective Tuesday.

A chartered accountant with more than 40 years of professional experience, Gupta at present chairs the boards of 360 ONE WAM Ltd and Bharti Life Insurance Ltd.

He is additionally a board member of Zepto, Snapdeal, Eutelsat Communications and Lodha Developers.

JPMorgan stated Coforge's board has been able to fill the chairperson's position earlier than anticipated and could likely appoint another board member within its guided three-month timeframe.

Following the appointment of the chairperson and a likely subsequent independent director, the focus is anticipated to shift back to the firm's core performance, AI traction, Encora integration and its five-year goals, JPMorgan stated.