Buy Tech Mahindra, target price Rs 840: Kotak Securities

Kotak Securities has given a buy rating to Tech Mahindra with a target price of Rs 840. The share price moved up by 1.50 per cent from its previous close of Rs 812.20. The stock’s last traded price is Rs 824.40.

Tech Mahindra Ltd., incorporated in the year 1986, is a Large Cap company (having a market cap of Rs 78492.27 Crore) operating in IT Software sector.

Financials
For the quarter ended 30-06-2020, the company reported a Consolidated sales of Rs 9106.30 Crore, down 4.05 % from last quarter Sales of Rs 9490.20 Crore and up 5.24 % from last year same quarter Sales of Rs 8653.00 Crore Company reported net profit after tax of Rs 955.50 Crore in latest quarter.


Investment Rationale
Post strong uptrend rally currently stock is witnessing short term correction. Currently trading near important support level. The texture indicates high chances of fresh uptrend wave from current levels.

Promoter/FII Holdings
Promoters held 35.8 per cent stake in the company as of June 30, 2020, while FIIs held 39.6 per cent, DIIs 13.2 per cent and public and others 11.3 per cent.