Buy MindTree, target price Rs 3350: Sharekhan by BNP Paribas

Sharekhan by BNP Paribas has buy call on MindTree with a target price of Rs 3350. The current market price of MindTree Ltd. is Rs 3148.45. Time period given by analyst is Intra Day when MindTree Ltd. price can reach defined target.

MindTree Ltd., incorporated in the year 1999, is a Mid Cap company (having a market cap of Rs 51910.20 Crore) operating in IT Software sector.

MindTree Ltd. key Products/Revenue Segments include Software Development Charges for the year ending 31-Mar-2022.


Financials
For the quarter ended 30-06-2022, the company reported a Consolidated Total Income of Rs 3160.60 Crore, up 5.80 % from last quarter Total Income of Rs 2987.30 Crore and up 33.73 % from last year same quarter Total Income of Rs 2363.50 Crore. Company reported net profit after tax of Rs 471.60 Crore in latest quarter.

Investment Rationale
Breakout from a multi week base triangle formation. Daily momentum indicator on new upside cycle.


Promoter/FII Holdings
Promoters held 60.99 per cent stake in the company as of 30-Jun-2022, while FIIs owned 11.69 per cent, DIIs 12.07 per cent.