Call Success Persistent Systems We had recommended a BUY on Persistent Systems in our Company Report datedSeptember23,2013foratargetofRs680.

.InourQ2FY14resultupdate we had further extended the TP to Rs821. The stock has achieved its target and has given total returns of 39.2% in less than six weeks. While we remain positive on the company, valuation at ~11x FY15E earnings does not provide materialupside.Recommendinvestorstobookprofit. Recoprice: Closureprice: TotalReturns:
Sector: Sector view:

Rs590 Rs821 39.2%

IT Positive 20,895 858/462 3,235 51 PSYSIB 533179 PERSISTENT 10

Sensex: 52Weekh/l(Rs): Marketcap(Rscr): 6mAvgvol(000Nos): Bloombergcode: BSEcode: NSEcode: FV(Rs):

PriceasonNovember06,2013

Companyratinggrid

LowHigh 1 EarningsGrowth CashFlow B/SStrength Valuationappeal Risk 2 3 4 5

Sharepricetrend
PersistentSys Sensex

180 160 140 120 100 80 Nov12 Mar13 Jul 13 Nov13

Shareholdingpattern
100 80 60 40 20 0 Dec 12 Mar13 Jun13 Sep13
Others FIIs Promoters

Research Analyst:

AniruddhaMehta
research@indiainfoline.com

November07,2013

Recommendationparametersforfundamentalreports: BuyAbsolutereturnofover+10% MarketPerformerAbsolutereturnbetween10%to+10% SellAbsolutereturnbelow10%

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