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Tech Mahindra stock hits the upper circuit by 10%, Following Q4 results; see the share price target

Tech Mahindra

According to Tech Mahindra CEO Mohit Joshi, the company intends to resume growth in the second half of FY25. This year, the corporation intends to hire about 6,000 new hires.

Tech Mahindra’s stock rose more than 13% on Friday following the release of an ambitious three-year plan by the CEO aimed at boosting profitability and accelerating revenue growth. On the BSE, the shares surged 13% to Rs 1,344.95. It increased 13.16% to Rs 1,347 at the NSE. The market capitalization of the firm increased to Rs 1,26,705.84 crore, an increase of Rs 10,754.85 crore. It turned out to be the largest gainer on the NSE Nifty and the BSE Sensex.

Tech Mahindra Share Price Target:

CLSA and Nomura maintained a ‘buy’ call on the Tech Mahindra stock. CLSA raised the share price target from Rs 1,508 to Rs 1,589, and Nomura has kept a share price target at Rs 1,460. 

Citi has maintained a ‘sell’ call on the stock with a reduced target of Rs 1,095 from Rs 1,125.

Morgan Stanley and JPMorgan gave an ‘underweight’ rating on Tech Mahindra shares. Morgan Stanley set the target price at Rs 1,190 and JPMorgan hiked the share price target from Rs 1,050  to Rs 1,100. 

Jefferies and Macquarie maintained an ‘underperform’ rating with a share price target of Rs 1,065 (reduced from Rs 1,080 earlier) and Rs 930, respectively.

HSBC has maintained a ‘hold’ call Tech Mahindra with a target price of Rs 1,300. 

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Tech Mahindra Q4 results

The communications vertical’s weakness caused IT services giant Tech Mahindra to post a 41% decline in its consolidated net profit for the March quarter to Rs 661 crore on April 25. Despite this, the company’s CEO unveiled an ambitious three-year plan to boost margins and accelerate revenue growth.

Tech Mahindra CEO Mohit Joshi said the company hopes to come back to growth in H2 FY25. The company plans to onboard around 6,000 freshers this year.

The tech giant – which competes with the likes of TCS, Infosys, Wipro, and HCL Technologies – also spelled out a three-year plan to shore up the company’s revenue and margins.

Tech Mahindra’s consolidated net profit plunged almost 41 percent to Rs 661 crore for the quarter ended March 2024. For Q4 FY24, the revenue dropped by 6.2 percent year-on-year to Rs 12,871 crore.

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