27 Aug , 2021 By : Kanchan Joshi
Multibagger stock: In around one year of its stock listing, Happiest Minds share price has gone up near 4 times — delivering multibagger return to its shareholders. This IT stock was listed in September 2020 at Rs350 on NSE and at Rs351 on BSE, against its issue price of Rs165 to Rs166 per equity share. Today Happiest Minds share price has gone up to Rs1417.20 (at 1:05 PM). But, stock market experts are still bullish on the counter as the IT company deals in digital and cloud business, which has strong business outlook post-Covid-19 scenario. They said that Ashok Soota, who is a big name in global IT fraternity, is also working in favour of the company's rise.
Ashok Soota factor
Highlighting upon the Ashok Soota factor favouring Happiest Minds share price rally; Avinash Gorakshkar, Head of Research at Profitmart securities said, "When the Happiest Minds IPO was launched, people responded strongly as it had big name Ashok Soota as Executive Chairman. Ashok Soota is one of the 10 founders of Mindtree, who left Mindtree in 2011 to start his own venture. He left Mindtree within four years of its public issue listing. So, the rave response to the Happiest Minds IPO led to dream debut of its shares at Indian bourses — where it opened at around 110 per cent premium."
Happiest Minds share price outlook
On current fundamentals favouring Happiest Minds share price rally; Avinash Gorakshkar said, "The company deals in cloud and digital business, where huge corporate investment is expected post-Covid-19. Hence, the business model of the company augurs strong revenue in future. So, market is expecting strong quarterly numbers in next one to two years for the company. One should hold the counter for long-term." He said that Happiest Minds has taken huge lead from its competitors in OTT business and it is expected to continue in next one to two years at least.
Happiest Minds share price target
Advising investors to buy Happiest Minds shares; Sumeet Bagadia, Executive Director at Choice Broking said, "Happiest Minds shares have strong support at Rs1300 to Rs1320 and it may give strong breakout at Rs1430. I would advise investors to maintain buy on dips strategy keeping strict stop loss at Rs1300. It may soon go up to Rs1550 levels."
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