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Innovaccer Inc., a leading healthcare AI company, and Coforge today announced a strategic partnership across the healthcare ecosystem designed to improve care delivery and patient outcomes. This partnership will combine Coforge's domain expertise in driving organizational transformation with Innovaccer's AI infrastructure and data platform, driving measurable improvements in clinical, financial and administrative results for healthcare organizations. The two firms launched G-Forge, a joint initiative designed to help healthcare organizations scale AI, integrate siloed data, and improve enterprise decision-making.
G-Forge brings together Innovaccer's Gravity platform and Coforge's expertise in large-scale implementation and organizational transformation to support healthcare providers, payers, life sciences organizations, and healthcare technology companies as they modernize operations and adopt AI across the enterprise.
As the preferred platinum implementation partner for Innovaccer's Gravity AI platform, Coforge will also establish a Healthcare AI Center of Excellence. Together, Innovaccer and Coforge will develop industry-specific accelerators and solutions in the areas of member and provider experience, care management, and revenue cycle management tailored to the needs of healthcare organizations, while offering end-to-end implementation, integration, and managed services to support Gravity deployments.
“We are incredibly excited to embark on this strategic partnership with Innovaccer. Our clients across the healthcare ecosystem are demanding solutions that deliver measurable impact, not just incremental improvements. By combining our deep expertise in healthcare technology along with Innovaccer's breakthrough AI platform Gravity, we are creating a unified value proposition that drives innovation, strengthens clinical and administrative performance and drives sustainable cost efficiency.” said Preeti Singh, EVP and Head of North America Business Unit, Coforge.
In dollar terms, the revenue was higher by 3.5% while in constant currency terms, it rose by 4.4% sequentially.
EBIT improved by 0.6% to Rs 559.4 crore in Q3 FY26 from Rs 556.3 crore in Q2 FY26. EBIT margin for Q3 FY26 was 13.4% as against 14% in Q2 FY26.
The company recorded an exceptional expense of Rs 147.6 crore during the period under review.
Profit before tax in Q3 FY26 stood at Rs 384.2 crore, down by 31.2% from Rs 558.2 crore in Q2 FY26.
The board has recommended an interim dividend of Rs 4 per share, and the record date for this payout will be 31 January 2026.
Sudhir Singh, chief executive officer and executive director, Coforge, said: “A 5.1% sequential growth in Q3 during a seasonally weak quarter, 28.5% YoY growth, six large deals signed in this quarter, a 30% YoY increase in next twelve-month executable order book, and a robust large deals pipeline gives us the confidence of maintaining our strong and sustained growth through both FY26 and FY27.
Furthermore, the $ 2 billion core of data, cloud and Al led engineering that will be created after Coforge and Encora come together, sets us up for sustained outperformance in the years to come.'
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 0.09% to currently trade at Rs 1685.90 on the BSE.
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.”
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).