Tech Mahindra Leads Sensex Pack, Shares Jump Over 7 pc: What’s Behind the Bull Rally? Analysts Set Price Targets
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Tech Mahindra share price on Friday surged over 7 per cent. The counter advanced 7.34 per cent to finish at Rs 1,277.45 on the BSE. During the day, it jumped 13 per cent to Rs 1,344.95. At the NSE, the stock zoomed 7.54 per cent to Rs 1,280.15. During the session, it climbed 13.16 per cent to Rs 1,347. It emerged as the biggest gainer on the BSE Sensex and NSE Nifty. In traded volume terms, 8.53 lakh shares of the company were traded at the BSE and over 204.32 lakh shares at the NSE.
What’s Behind the Bull Rally?
The strong action in the price movement was witnessed after the company CEO outlined an ambitious three-year roadmap to accelerate revenue growth and lift margins. Tech Mahindra CEO Mohit Joshi said the company hopes to come back to growth in H2 FY25.
Tech Mahindra Q4 Results
The IT services company on Thursday reported a 41 per cent fall in consolidated net profit for the March quarter to Rs 661 crore amid weakness in the communications vertical. The top brass acknowledged that the Q4 results marked a “low point” in the company’s growth trajectory but exuded confidence that year-on-year improvement will become visible starting the first quarter. In Q4 FY24, the company’s revenue dropped by 6.2 per cent year-on-year to Rs 12,871 crore.
Tech Mahindra Analysts’ View
The analysts at the CLSA and Nomura have a ‘BUY’ call on Tech Mahindra stock. CLSA has increased its target price from Rs 1,508 to Rs 1,589 per share, while Nomura’s target remains at Rs 1,460 apiece.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Today Technology Market ResearchDigital suggests its readers/audience to consult their financial advisors before making any money related decisions.)
