Zensar Tech’s share price surged up over 5.5% on Thursday to hit an intraday high of ₹393.50. Ace investor Ashish Dhawan owns a 1.6% stake in the company.
Shares of the company have been upbeat after the IT company posted its earnings for the March quarter earlier last month (May 11). In the earnings report for the March quarter, the company demonstrated consistent growth, with a year-over-year revenue increase of 5.1% to ₹1,212.6 crore. Although its net profit experienced a slight decline of 8.24% compared to the previous year, it surged by over 55% sequentially.
Since then shares of the company have gone up over 20%. Analysts have also remained positive on the stock. HDFC Securities maintained a ‘buy’ rating for Zensar Tech’s stock and raised the price target from ₹330 to ₹445 after the company’s results came out. The firm’s analysts noted that the company’s revenue met their estimates, and the EBITDA margin surpassed expectations.
Now with this surge, Zensar Tech has added considerably to Dhawan’s net worth today. As per the latest shareholding data, Dhawan holds a 1.6% stake in Zensar Tech, equivalent to 24 lakh shares. Prior to the surge, his holdings in the company were valued at ₹88.71 crore. With the rise in share price, the value of his stake escalated up to ₹94.44 crore, adding ₹5.71 crore to his net worth.
Zensar Tech has declared a dividend of ₹3.5 per share for the year ended March. If approved by the company’s shareholders, and assuming Dhawan retains his stake until the record date, he stands to earn an estimated ₹84 lakh from the dividend payment before taxes.
Get Ring The Bell, Benzinga India’s weekly briefing. Designed specifically for investors like you.
Price Action: Zensar Tech’s share price was up over 4.33% to trade at ₹385.65 in the afternoon hours of trading on Thursday.
Read Next: Top 10 Richest People In India
Editor's Note: Artificial intelligence was used as a secondary aid in the writing of this story.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.