Buy Tech Mahindra, target price Rs 1040: Kotak Securities

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Buy Tech Mahindra, target price Rs 1040:  Kotak Securities


Kotak Securities has buy call on with a target price of Rs 1040. The current market price of Tech Mahindra Ltd. is Rs 1001.75.

Tech Mahindra Ltd., incorporated in the year 1986, is a Large Cap company (having a market cap of Rs 97767.79 Crore) operating in IT Software sector.

Financials
For the quarter ended 31-12-2020, the company reported a Consolidated Total Income of Rs 9868.00 Crore, up 3.99 % from last quarter Total Income of Rs 9489.30 Crore and down -1.36 % from last year same quarter Total Income of Rs 10004.20 Crore. Company reported net profit after tax of Rs 1289.60 Crore in latest quarter.

Investment Rationale
The stock has given a range breakout with a strong bullish Marubozu candlestick formation on the daily chart.


Promoter/FII Holdings
Promoters held 35.8 per cent stake in the company as of Dec 30, 2020, while FIIs held 39.1 per cent, DIIs 13.7 per cent and public and others 11.5 per cent.





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