Shares of Persistent Systems rose nearly 6% on Monday after the IT firm said it has inked an agreement to expand its Eastern European presence through the integration of a specialised team of more than 90 professionals from Concise, a Tallinn-headquartered software engineering and IT consulting company.

Persistent Systems shares rose 5.78% intra day to Rs 5496.60 on BSE today. Market cap of the firm stood at Rs 85,180 crore. Later, the stock closed 4% higher at Rs 5399.70. Total 1.15 lakh shares of the firm changed hands amounting to a turnover of Rs 62.13 crore on BSE.    

The transaction will strengthen Persistent’s European nearshore delivery network and enhance its ability to help enterprises evolve large-scale digital infrastructure and globally integrated operations. 

The stock opened higher at Rs 5235 today. It has fallen 4.20% in a year and gained 109% in three years. The stock has a beta of 0.92, indicating average volatility in a year. It is trading in neither in the overbought nor in the oversold territory with a RSI of 58.3. Persistent Systems shares are trading higher than the 10 day, 20 day, 30 day, 50 day, 100 day but lower than the 150 day and 200 day moving averages.

Key Highlights of the agreement include 

Upon completion, the transaction will:

1. Expand Persistent’s Eastern European and nearshore delivery footprint.

2. Establish strategic delivery centers in Tallinn and Tartu, Estonia.

3. Strengthen capabilities across AI-led product engineering, distributed systems and cloudnative technologies.

4. Enhance expertise supporting mobility, logistics, smart infrastructure and connected
ecosystems globally.

Meanwhile, Sensex crashed 508 pts to 74,267 and Nifty slipped 165 pts to 23,382 today.