Shares of the midcap IT major Persistent Systems rallied in Wednesday's trade after the company reported better-than-expected Q2 earnings. The stock after gaining significant traction was lockied in 10 per cent upper circuit in early trade, nevertheless, extending its gains the IT stock marked its all-time high of Rs 5,764 after gaining nearly 12 per cent.

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In the previous trading session ahead of the announcement of its quarterly results, the stock ended at Rs 5,156.4 per share.

For the Q2 period, the company's consolidated PAT or profit after tax edged higher by 6.1 per cent sequentially to Rs 325 crore, while Zee Business research pegged it at Rs 326 crore.

Revenue during the quarter also increased by 5.8 per cent quarter-on-quarter to Rs 2,897.2 crore as against research estimates of Rs 2,872 crore.

The EBITDA for the reporting quarter was recorded at Rs 480.73 cfore, while the EBITDA margin was reported at 16.6 per cent.

Here's how global brokerages rate Persistent Systems post its Q2 show:

Global brokerage Nomura has continued with its 'neutral' stance on the stock and a target of Rs 5,200. The brokerage said resilient growth at the IT major has been driven by strong execution and healthy deal wins. Furthermoe, 2QFY25 revenue growth had been ahead of expectations. Nomura expects the company's margin to improve in 2HFY25, & still aiming for 200-300bp improvement in the long-term. The stock is trading at 35.7x FY27F EPS, added the brokerage.

Meanwhile, another global brokerage Macquarie, while maintaining outperform call on the stock pegs the target at Rs 6,750, implying potential upside of nearly 31 per cent.