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As of 30-Sep-2022, promoters held 51.2 per cent stake in the company, while FIIs held 11.8 per cent and domestic institutional investors had 3.79 per cent.

The Relative Strength Index of the stock stood at 35.26 on Friday.

The stock quoted a 52-week high price of Rs 971.3 and a 52-week low of Rs 583.05.

The stock traded at a P/E multiple of 9.74, while the price-to-book value ratio stood at 2.85.

The Nifty IT index closed 0.36 per cent up at 28687.2.

At the CMP, the stock trades at 1.9x/1.6x/1.4x its FY2023E/FY2024E/FY2025E ABV,respectively.

Tanla Platforms, a stock unspoken off much among the analyst community, became the darling of Dalal Street in 2021 as its value more than doubled. The cloud communications services provider has over the last few years reported higher-than-industry earnings growth.

Rural demand is likely to improve because of moderating consumer price inflation, sustained economic growth, expected budgetary push, and migration of the rural population back to urban areas (which would increase remittances from urban to rural India), it said.

The challenges to earnings growth and profitability and the major sell-off in technology stocks globally made this pack vulnerable to a selling. The rising macroeconomic growth concerns in the backdrop of high inflation and steeper rate hikes saw investors exiting high valuation stocks.

While the order inflows over the last couple of years have been tepid, the brokerage believes this strong tender pipeline can translate into decent order inflows for the company in the coming months.