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We called it - The Only Indian Software Firm with Digital DNA - when we recommended Persistent Systems to subscribers in The India Letter on 16th December 2015. The reason being we found the business model unique in the Indian IT sector. We found that the company's employees think and work like those at a startup. In other words, the company has the DNA to thrive in the digital world.
Our 'best buy price' was Rs 530. We had then recommended subscribers to take a 25% exposure to the stock.
In The India Letter recommendation dated 20th April 2016, we had put our view and our best buy price under review. We recommended subscribers who had not bought the stock, to continue to avoid the stock and those subscribers who had invested 25% of the intended amount in the stock, to continue to hold on without buying any more.
This was due to a major development that would improve the company's fundamentals; which required us to rework our estimates for the company. In the result update on 26th April 2016, we had explained the major development: The strategic alliance with IBM.
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