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Encora is one of the select tech services firms founded with an AI native DNA providing engineering services to Fortune 1000 enterprises and digital-native companies. The firm operates at the convergence of AI, cloud and data, with capabilities spanning intelligent process design, agent native product engineering, core modernization, AI foundation, data readiness, and AIOps.
Encora has built one of the industry’s first composable agentic AI platforms — AIVATM, and has deep partnerships with AWS, Microsoft, Google and Snowflake.
Encora’s FY26E revenue is $600 million with an Adjusted EBITDA margin of approximately 19%.
Coforge will acquire the business from Advent, Warburg Pincus and other minority shareholders for an enterprise value of $2.35 billion.
The transaction will be funded through a preferential allotment of equity shares representing an equity value of approximately $1.89 billion, pursuant to which Encora shareholders will hold approximately 20% of the expanded share capital of Coforge upon completion of the transaction.
Coforge’s acquisition of Encora is set to create a technology services powerhouse with an estimated total revenue of $2.5 billion.
Within this structure, the combination of AI-led engineering, data, and cloud services is projected to deliver $2 billion in revenue by fiscal year 2027. The AI-led product engineering segment alone is expected to grow into a business worth over $1.25 billion.
Additionally, cloud services are estimated to reach approximately $500 million, while data engineering is forecasted to contribute more than $250 million to the firm's total revenue.
The combined business is expected to operate at an EBIT margin of 14% and the acquisition is expected to be EPS accretive in FY27.
Sudhir Singh, chief executive officer and executive director, Coforge, said: 'The Encora acquisition is a defining moment for our organization.
It establishes a scaled AI-led engineering capability moat for the firm underpinned by capabilities to help create enterprise data cores and cloud foundations purpose built for AI.”
Coforge is a global tech services and solutions provider, that leverages emerging technologies and deep domain expertise to deliver real-world business impact for its clients.
The scrip shed 0.64% to currently trade at Rs 1662.50 on the BSE.
Media, FMCG and PSU Bank shares advanced while consumer durables, IT and realty shares declined.
As per provisional closing data, the barometer index, the S&P BSE Sensex declined 345.91 points or 0.41% to 84,695.54. The Nifty 50 index lost 100.20 points or 0.38% to 25,942.10.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.45% and the S&P BSE Small-Cap index fell 0.58%.
The market breadth was weak. On the BSE, 1,579 shares rose and 2,730 shares fell. A total of 212 shares were unchanged.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 89.9725 compared with its close of 89.9000 during the previous trading session.
Economy:
The Index of Industrial Production (IIP) grew 6.7% year-on-year in November, compared with a 0.4% expansion in October, marking a two-year high in factory output. Growth was led by the manufacturing sector, which expanded 8%, driven by higher production of basic and fabricated metal products, pharmaceuticals, and motor vehicles. Improved performance in the mining sector also supported the overall rise in IIP, with output increasing 5.4% in November compared with a contraction of 1.8% in October.
Buzzing Index:
The Nifty Consumer Durables index declined 0.91% to 36,487.40. The index rose 0.34% in the past trading session.
Dixon Technologies (India) (down 3.93%), Amber Enterprises India (down 2.35%), Blue Star (down 1.98%), PG Electroplast (down 1.25%) and Kalyan Jewellers India (down 1.1%), Century Plyboards (India) (down 0.97%), Bata India (down 0.96%), Cera Sanitaryware (down 0.79%), Crompton Greaves Consumer Electricals (down 0.74%) and Kajaria Ceramics (down 0.44%) declined.
Stocks in Spotlight:
Larsen & Toubro (L&T) shed 0.26%. The company announced that its transportation infrastructure business vertical has secured a significant order for Hyderabad Greenfield Radial Road.
Coforge rose 0.22%. The company said that it has signed definitive agreements to acquire Encora, an AI native firm born in the Silicon Valley with deep strengths across AI driven engineering underlaid by Cloud and Data.
Siyaram Recycling Industries added 1.55% after the company has secured a significant order from The Supreme Industries, Jalgaon (F) – MDP, for the supply of 1/2' female insert (new modified) and female insert 1/2' CPVC/aqua topper.
Ceigall India gained 2.91% after the company’s subsidiary, Ceigall Infra Projects has received a LoA from Madhya Pradesh Road Development Corporation for the construction of the Indore–Ujjain access-controlled four-lane greenfield highway.
Vikran Engineering rose 2.23% after it has secured letter of awards (LoA) from M.P. Urja Vikas Nigam for the implementation of power plants with a total capacity of 45.75 MW AC in Vidisha, Madhya Pradesh.
Jindal Steel rose 0.50%. The company announced a significant expansion of its structural steel manufacturing capabilities at its Raigarh facility. This expansion would double the company’s existing structural steel capacity from 1.2 million tonnes per annum (MTPA) to 2.4 MTPA by mid 2028.
VA Tech Wabag declined 1.62%. The company has received a letter of award from the Saudi Water Authority for a large repeat EPC order to build a 50 MLD advanced BWRO plant at Aljouf, Saudi Arabia.
Solarworld Energy Solutions climbed 4.11% after the company announced that it has received a letter of award for the EPC package for the development of a 250 MWac grid-connected solar PV project worth Rs 725.33 crore from NTPC Renewable Energy.
Global Markets:
European market declined, while most Asian markets ended higher on Monday as investors kicked off the final trading week of the year.
Prices of spot silver rose to a fresh record high of above $80 per ounce before pulling back sharply to $77. Silver’s recent surge was driven by speculative buying and lingering supply tightness, said experts.
Media report further stated silver’s rally this year reflects a depletion of freely traded inventory, amplifying price moves as demand increases.
On Friday stateside, the S&P 500 reached a new high and posted weekly gains as traders came back from the Christmas holiday.
The broad market index closed down 0.03% to end at 6,929.94. At its high, the S&P 500 was up 0.2%, reaching 6,945.77. The Nasdaq Composite slipped 0.09% and closed at 23,593.10. The Dow Jones Industrial Average fell 20.19 points, or 0.04%, and settled at 48,710.97.
Coforge Ltd, V I P Industries Ltd, JSW Holdings Ltd and HFCL Ltd are among the other losers in the BSE's 'A' group today, 26 December 2025.
Gujarat Pipavav Port Ltd crashed 4.90% to Rs 182.3 at 14:46 IST.The stock was the biggest loser in the BSE's 'A' group.On the BSE, 71315 shares were traded on the counter so far as against the average daily volumes of 1.37 lakh shares in the past one month.
Coforge Ltd tumbled 4.15% to Rs 1665.3. The stock was the second biggest loser in 'A' group.On the BSE, 89508 shares were traded on the counter so far as against the average daily volumes of 53796 shares in the past one month.
V I P Industries Ltd lost 4.14% to Rs 391.25. The stock was the third biggest loser in 'A' group.On the BSE, 4.65 lakh shares were traded on the counter so far as against the average daily volumes of 21.2 lakh shares in the past one month.
JSW Holdings Ltd shed 4.07% to Rs 19475. The stock was the fourth biggest loser in 'A' group.On the BSE, 355 shares were traded on the counter so far as against the average daily volumes of 882 shares in the past one month.
HFCL Ltd fell 3.88% to Rs 61.71. The stock was the fifth biggest loser in 'A' group.On the BSE, 92.26 lakh shares were traded on the counter so far as against the average daily volumes of 15.24 lakh shares in the past one month.
Coforge today announced that it has signed definitive agreements to acquire Encora, an AI‑native firm born in the Silicon Valley with deep strengths across AI‑driven engineering underlaid by Cloud and Data. The transaction is subject to customary closing conditions and regulatory approvals.
Encora is one of the select tech services firms founded with an AI‑native DNA providing engineering services to Fortune 1000 enterprises and digital-native companies. The firm operates at the convergence of AI, Cloud and Data, with capabilities spanning Intelligent Process Design, Agent‑Native Product Engineering, Core Modernization, AI Foundation, Data Readiness, and AIOps. Encora has built one of the industry's first composable agentic AI platforms — AIVATM, and has deep partnerships with AWS, Microsoft, Google and Snowflake.
Coforge' s acquisition of Encora will create a ~US$2.5Bn tech services powerhouse wherein AI-led engineering + Data + Cloud services alone are likely to deliver US$2Bn revenue in FY'27. AI led product engineering business is likely to be a US$1.25 Bn+ business, Cloud services a ~US$500Mn business, and Data engineering a ~US$250Mn+ business for the firm.
Furthermore, Hi-Tech and Healthcare industry verticals of Coforge are expected to reach material scale immediately post-acquisition. They will both individually operate at an annualized US$170Mn+ revenue run rate. The acquisition will reposition Coforge as a player with scaled near-shore delivery capability in LATAM with an exceptional engineering and AI Talent base of 3100+ SMEs servicing US Clients. It will significantly expand the West and Mid-West US client footprint of Coforge, which pre-acquisition contributed only 25% to its US Geo revenues. The combined firm will have forty-five US$10Mn+, highly scalable relationships. Given its exceptional track record of making acquisitions successful, Coforge believes that it will materially and expeditiously scale up these client relationships.
Encora's FY26E revenue is US$600Mn with an Adjusted EBITDA margin of ~19%.
Coforge will acquire the business from Advent, Warburg Pincus and other minority shareholders for an Enterprise Value of US$2.35Bn. The transaction will be funded through a preferential allotment of equity shares representing an equity value of approximately US$1.89Bn, pursuant to which Encora shareholders will hold approximately 20% of the expanded share capital of Coforge upon completion of the transaction.
“The Encora acquisition is a defining moment for our organization. It establishes a scaled AI-led engineering capability moat for the firm underpinned by capabilities to help create enterprise data cores and cloud foundations purpose built for AI. The new US$2.5Bn firm, with a US$2Bn enterprise core of AI-led Engineering, Data and Cloud services, will set the benchmark on making the promise of AI real for enterprises. Over the last eight years Coforge has delivered industry leading growth on the back of its execution excellence, hyperspecialized industry expertise and a perfect track record of making every acquisition very successful. With this augmented enterprise AI led engineering core we believe that our growth will get further accelerated and move to an even higher orbit.” said Sudhir Singh, Chief Executive Officer and Executive Director, Coforge.
The board of Coforge at its meeting held on 26 December 2025 has approved the execution of a share subscription and share purchase agreement (SSPA) by the Company with Encora US Holdco, Inc. and Encora Holdings (Cayman) (Target Companies), Encora Holdco (UK) and AI Altius Parent (Cayman) (Investors), in relation to acquisition of the Target Companies' shares from the Investors (Proposed Acquisition), in a share swap arrangement with the Company, whereby 9,37,96,508 fully paid up equity shares of the Company having face value of Rs 2 each shall be created, issued, offered and allotted to the Investors at a price of Rs 1,815.91/- per equity share (which includes a premium of Rs 1813.91) (Issue Price), aggregating up to a consideration of Rs 17,032.60 crore, in accordance with the SSPA.
The board approved the issuance of equity shares of the Company on a preferential basis pursuant to a share swap arrangement.
The board also approved increase in authorised share capital from Rs 77 crore to Rs 102 crore.
Further, the board approved raising of funds by way of issuance of such number of equity shares having face value of Rs 2 each of the Company (equity shares) and / or other eligible securities or any combination thereof (hereinafter referred to as “Securities”), for an aggregate amount not exceeding USD 550 Mn or an equivalent amount thereof by way of qualified institutional placement (QIP) or other permissible modes in accordance with the applicable laws.
The Board considered and granted the approval for the increase in limits under section 186 of the Companies Act, 2013 for the purpose of:
(i) acquiring shares of the Target Companies pursuant to a share swap arrangement for a consideration of Rs 17,032.60 crore ; and
(ii) providing guarantees for a bridge loan of up to USD 550 Mn in a Company's overseas subsidiary (if required).
Innovana Thinklabs Ltd lost 2.72% today to trade at Rs 411.6. The BSE Information Technology index is down 0.18% to quote at 37855.96. The index is up 5.16 % over last one month. Among the other constituents of the index, Digitide Solutions Ltd decreased 1.08% and Coforge Ltd lost 0.99% on the day. The BSE Information Technology index went down 12.99 % over last one year compared to the 9% surge in benchmark SENSEX.
Innovana Thinklabs Ltd has lost 12.14% over last one month compared to 5.16% gain in BSE Information Technology index and 0.74% rise in the SENSEX. On the BSE, 1 shares were traded in the counter so far compared with average daily volumes of 458 shares in the past one month. The stock hit a record high of Rs 648 on 11 Jul 2025. The stock hit a 52-week low of Rs 271.1 on 27 Mar 2025.
The funds would be raised by way of issuance of equity shares or any other eligible securities through permissible modes, including but not limited to a private placement, a qualified institutions placement, preferential issue, or any other method or combination of methods as may be permitted under applicable laws.
Coforge is a global digital services and solutions provider that leverages emerging technologies and deep domain expertise to deliver real-world business impact for its clients. It leads with its product engineering approach and leverages AI, cloud, data, integration, and automation technologies to transform businesses into intelligent, high-growth enterprises.
The company had reported an 18.4% rise in consolidated net profit to Rs 375.8 crore on an 8.05% increase in revenue to Rs 3,985.7 crore in Q2 FY26 as compared with Q1 FY26.
The scrip fell 3.87% to currently trade at Rs 1795.90 on the BSE.
Coforge Ltd lost 4.99% today to trade at Rs 1774.9. The BSE Information Technology index is down 0.01% to quote at 38188.89. The index is up 6.45 % over last one month. Among the other constituents of the index, Cigniti Technologies Ltd decreased 4.76% and Rashi Peripherals Ltd lost 1.66% on the day. The BSE Information Technology index went down 12.47 % over last one year compared to the 9.1% surge in benchmark SENSEX.
Coforge Ltd has lost 1.19% over last one month compared to 6.45% gain in BSE Information Technology index and 0.54% rise in the SENSEX. On the BSE, 13967 shares were traded in the counter so far compared with average daily volumes of 49442 shares in the past one month. The stock hit a record high of Rs 2003.59 on 30 Dec 2024. The stock hit a 52-week low of Rs 1190.84 on 07 Apr 2025.
Cartrade Tech Ltd, Patel Engineering Ltd, Mrs Bectors Food Specialities Ltd and Cigniti Technologies Ltd are among the other losers in the BSE's 'A' group today, 23 December 2025.
Coforge Ltd tumbled 4.77% to Rs 1779 at 14:46 IST.The stock was the biggest loser in the BSE's 'A' group.On the BSE, 1.01 lakh shares were traded on the counter so far as against the average daily volumes of 47976 shares in the past one month.
Cartrade Tech Ltd crashed 4.76% to Rs 2763. The stock was the second biggest loser in 'A' group.On the BSE, 11662 shares were traded on the counter so far as against the average daily volumes of 93761 shares in the past one month.
Patel Engineering Ltd lost 4.45% to Rs 30.04. The stock was the third biggest loser in 'A' group.On the BSE, 8.14 lakh shares were traded on the counter so far as against the average daily volumes of 21.31 lakh shares in the past one month.
Mrs Bectors Food Specialities Ltd plummeted 4.30% to Rs 238.15. The stock was the fourth biggest loser in 'A' group.On the BSE, 24740 shares were traded on the counter so far as against the average daily volumes of 13672 shares in the past one month.
Cigniti Technologies Ltd pared 4.05% to Rs 1750. The stock was the fifth biggest loser in 'A' group.On the BSE, 8700 shares were traded on the counter so far as against the average daily volumes of 1379 shares in the past one month.