๐ Tech Mahindra Share Price Soars by 13.01% ๐
๐ The Indian stock market witnessed a rapid surge in the past five days, which finally came to an end on Friday. The BSE Sensex plummeted by over 600 points, while the Nifty dropped by 117 points and the Bank Nifty tumbled by almost 300 points to close at 48,201.05. Despite a positive start to the market, the day ended in a downturn.
๐ However, amidst the market slump, there was a surge in the shares of tech giant Tech Mahindra. The share price of Tech Mahindra rose by 13.01% on Friday, reaching a high of โน1,344.95. The stock was trading at โน1,297.05 with an 8.99% increase later on. Despite a 41% decline in the company’s fourth-quarter profits, investors showed confidence in the stock.
๐ผ On Monday, the share was trading at โน1,306, up by 2.13%. Tech Mahindra reported a net profit of โน664.2 crores in the March quarter, compared to โน1,125 crores in the same period last year. The total revenue for the quarter decreased by 6.2% annually to โน12,871 crores.
๐ Tech Mahindra Limited’s share on the BSE surged by 13% to โน1,344.95. The positive review of Tech Mahindra’s FY27 policies by new CEO Mohit Joshi led to increased investor confidence, resulting in share purchases despite a decline in the company’s profits. The company is ahead of its competitors with an average growth and a 15% EBIT margin. The restructuring efforts are moving in the right direction, with policies ready for FY27.
๐ However, Jeffries maintained an underperform view on the stock, citing weak order bookings and a decline in headcount representing weak growth. The target price for Tech Mahindra’s shares has been reduced to โน1,065, and to โน1,200 for UB. JP Morgan also maintained an underperform rating on Tech Mahindra but raised the target price from โน1,005 to โน1,100, while Nomura set a 12-month target price of โน1,000 for TechM shares, which is 25.65% lower than the current high of โน1,344.95.
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