Buy Tech Mahindra, target price Rs 1020: ICICI Securities

ICICI Securities has buy call on Tech Mahindra with a target price of Rs 1020. The current market price of Tech Mahindra Ltd. is Rs 936.4.

Tech Mahindra Ltd., incorporated in the year 1986, is a Large Cap company (having a market cap of Rs 91164.78 Crore) operating in IT Software sector.

Financials
For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 9371.80 Crore, up 2.92 % from last quarter Sales of Rs 9106.30 Crore and up 3.33 % from last year same quarter Sales of Rs 9069.90 Crore Company reported net profit after tax of Rs 1062.70 Crore in latest quarter.


Investment Rationale
Price breakout above a long term rising trendline joining highs of January 2015 and May 2019 and MACD in buy mode

Promoter/FII Holdings
Promoters held 35.8 per cent stake in the company as of Sept 30, 2020, while FIIs held 38 per cent, DIIs 14.4 per cent and public and others 11.8 per cent.