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The brokerage says that the medium term outlook of the stock is positive.The company had released the results for the fourth quarter of financial year 2024 only last month. While releasing the results, the company had also revealed its plans for the next 3 years.
New Delhi. Brokerage houses are bullish on the shares of information technology company, Tech Mahindra. After the fourth quarter results, this tech stock has got the highest brokerage analyst upgrade among all the stocks included in Nifty 50. After the January-March quarter results, ‘buy’ calls on Tech Mahindra stock have increased from 14 to 21. ‘Hold’ calls have fallen from 13 to 10 and ‘Sell’ calls have also fallen from 18 to 14. This shows that the brokerage’s confidence in this stock has increased and they see the possibility of further earnings in it. Tech Mahindra’s shares had closed at Rs 1248 with a decline of 1.49 percent in the last trading session i.e. on Friday.
Releasing its quarterly results, Tech Mahindra had unveiled a three-year plan to achieve over 15 per cent growth in operating profit and higher revenues by 2026-27, focusing on strengthening customer accounts, restructuring and new investments. . Market experts liked this plan of the company very much. Tech Mahindra shares have given 19 percent return to investors in one year.
The biggest buyback in the history of Apple, the company will buy back shares worth ₹ 9.18 lakh crore.
Tech Mahindra’s income stood at ₹12,871 crore
Tech Mahindra had released the results for the fourth quarter of the financial year 2024 on April 25. Tech Mahindra’s income from operations increased by 6.2% on annual basis to Rs 12,871.3 crore. The company’s income in the last quarter (Q3FY24) was ₹13,101.3 crore. In the January-March quarter, the company’s net profit fell by 41% on annual basis (YoY) to ₹ 661 crore. Whereas in the last quarter (Q3FY24) the net profit of the company was ₹ 510 crore. That means the company’s net profit increased by 29.5% on quarterly basis (QoQ). The company’s board of directors had also approved a dividend of Rs 28 per share.
Check target price
According to a report by Moneycontrol, after the fourth quarter results came out, Morgan Stanley changed Tech Mahindra’s rating from ‘underweight’ to ‘overweight’. Besides, the brokerage also increased the target price of this share from Rs 1190 to Rs 1490. Brokerage says that the medium term outlook of the stock is positive. Domestic brokerage firm Prabhudas Leeladhar has also liked the growth strategy of Tech Mahindra. HSBC has given ‘Hold’ rating to Tech Mahindra share and has set its target price at Rs 1300.
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Tag: business news in hindi, Share Market, stock tips
first published : May 4, 2024, 12:32 IST
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