Buy Mindtree, target price Rs 1485: Kotak Securities

Kotak Securities has buy call on Mindtree with a target price of Rs 1485. The current market price of MindTree Ltd. is Rs 1430.1.

MindTree Ltd., incorporated in the year 1999, is a Mid Cap company (having a market cap of Rs 23577.04 Crore) operating in IT Software sector.

MindTree Ltd. key Products/Revenue Segments include Software Development Charges which contributed Rs 7764.30 Crore to Sales Value (100.00 % of Total Sales)for the year ending 31-Mar-2020.


Financials
For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 1926.00 Crore, up .90 % from last quarter Sales of Rs 1908.80 Crore and up .61 % from last year same quarter Sales of Rs 1914.30 Crore Company reported net profit after tax of Rs 253.70 Crore in latest quarter.

Investment Rationale
Symmetrical triangle breakout with rise in volume activity seen on daily chart.

Promoter/FII Holdings
Promoters held 67.6 per cent stake in the company as of Sept 30, 2020, while FIIs held 12.02 per cent, DIIs 8.96 per cent and public and others 11.43 per cent