Shares of Birlasoft Ltd. are trading near their all-time high as investors continue to derive optimism from three large domestic mutual funds raising their stakes in the technology consultant through large deals.

ICICI Prudential Mutual Fund, Aditya Birla Sun Life Mutual Fund and Invesco Mutual Fund acquired a 0.7% stake each in Birlasoft at Rs 205.15 apiece, according to data available on the exchanges. All three funds owned less than 1% stake in the company as of Nov. 30, according to Bloomberg data.

The shares were sold by Acacia II Partners LP, which pared a 2.42% stake at Rs 205.15 apiece.

Shares of Birlasoft gained as much as 9.5% in early trade on Tuesday to Rs 221 apiece. The stock had hit an intraday record high of Rs 226 apiece on Monday, reacting to the news of the deal—the details of which were released after market hours. It, however, ended 2.5% lower.

The Birlasoft stock has rebounded nearly fourfold from its 52-week low of Rs 46.7 apiece on March 24. All the four analysts tracking the company have a ‘buy’ rating. The stock is trading near its Bloomberg consensus 12-month price target of Rs 218.3 apiece.



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