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Zensar Tech stock gained 65% in 2023 after sharp loss in 2022

Mid and small-cap IT stocks have shown significant improvement in their performances in 2023, bouncing back from their weak performance in CY22.

One of the notable performers in the sector was Zensar Technologies, a mid-cap IT stock, which had a remarkable turnaround, gaining 65% so far in 2023


During this period, the stock jumped rupees 213.70 apiece to the current market price of rupees 352.45. 


In CY22, the stock underperformed the market, losing almost 59% of its value. However, the stock kicked off 2023 on a strong footing, surging by 8.12% in January


The stock continued the same momentum into February by rallying 26%, and in May so far, it jumped by another 27.40%.

It also marked a new 52-week high on May 15, 2023, and at the current levels, it is 17.28% away from its all-time high of rupees 587.


Despite such strong gains, brokerage firm HDFC Securities maintained its 'buy' rating on the stock with a target price of rupees 445 apiece. 


Similarly, Axis Securities also kept its 'buy' tag on the stock with a target price of rupees 385 apiece.


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The stock had a challenging year in CY22, experiencing a significant decline of nearly 59% in its value, underperforming the overall market. However, the stock kicked off 2023 on a strong footing, surging by 8.12% in January, and it continued the same momentum into February by rallying 26%.

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Zensar Tech stock gained 65% in 2023 after sharp loss in 2022

The stock had a challenging year in CY22, experiencing a significant decline of nearly 59% in its value, underperforming the overall market. However, the stock kicked off 2023 on a strong footing, surging by 8.12% in January, and it continued the same momentum into February by rallying 26%.

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