Happiest Minds Share Price Decline Explained

The Happiest Minds Technologies share price fell by 9.5% today, reaching a day’s low of Rs 830.20 on the Bombay Stock Exchange (BSE).

The reason behind this decline is that the company’s promoter, Ashok Soota, reportedly sold off 6% of the stake, which amounts to approximately 91.3 lakh shares, in a block deal. The specific buyers and sellers involved in this transaction have not been disclosed yet.

Despite this recent drop, it’s worth noting that Happiest Minds reported a profit after tax (PAT) of Rs 7,198 lakh for the Q4FY24, representing a 24.8% increase year-on-year (YoY).

Additionally, the revenue in constant currency grew by 9.5% YoY. For the full financial year, the company’s revenue in constant currency grew by 11%, with a total income of Rs 1,71,003 lakh.

The PAT for the entire fiscal year stood at Rs 24,839 lakh, reflecting a 7.5% growth compared to the previous year.

While the stock has gained 9.3% in the last three months and 5% in the last month, it has declined by 6% on a year-to-date basis.

Currently, the stock is trading well above its significant exponential moving averages and is in an overbought zone near the 71 mark level on the Relative Strength Index (RSI)