Tech Mahindra Stock Trades Lower Amid Mixed Analyst Ratings

Tech Mahindra's stock falls 0.48% to Rs 1,256.20, with a market capitalization of Rs 122,721.37 crore. The company recently allotted 123,618 equity shares and reported a net profit of Rs 661.00 crore in the last quarter.

Bijay Laxmi
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Tech Mahindra Stock Trades Lower Amid Mixed Analyst Ratings

Tech Mahindra Stock Trades Lower Amid Mixed Analyst Ratings

stocks, tech, share, price Tech Mahindra's stock is trading 0.48% lower at Rs 1,256.20 as of May 14, 2024, compared to its last closing price. The company's market capitalization currently stands at Rs 122,721.37 crore.

Why this matters: The performance of Tech Mahindra's stock has a significant impact on the overall Indian IT sector, influencing investor sentiment and market trends. As a major player in the digital transformation space, Tech Mahindra's ability to secure new contracts and deliver strong financial performance can have far-reaching implications for the industry as a whole.

The IT services and consulting firm recently passed a resolution for the allotment of 123,618 equity shares of Rs 5 each to applicants. This development was announced by the exchange Securities Allotment Committee of the Board of Directors on May 10, 2024.

Tech Mahindra's stock performance metrics reveal a mixed picture. The company's TTM P/E ratio stands at 46.78, higher than the sector P/E of 29.62. In the last quarter, Tech Mahindra reported a net profit of Rs 661.00 crore. The promoter holding in the company is 35.09%, while the public holds 64.91% of the shares.

Institutional investors have shown varied interest in Tech Mahindra. As of March 31, 2024, mutual fund holding increased to 13.74% from the previous quarter. However, FII holding decreased to 24.15% during the same period.

Analyst ratings for Tech Mahindra are mixed, with 11 analysts giving a strong buy rating, 7 recommending a buy, and 10 suggesting a sell. The average broker rating for the stock is a hold.

Tech Mahindra is an India-based provider of digital transformation, consulting, and business re-engineering services and solutions. The company operates through two segments: Information Technology (IT) Services and Business Processing Outsourcing (BPO). It has several subsidiaries, including Tech Mahindra Luxembourg S.a r.l., Yabx India Private Limited, Tech Mahindra Credit Solutions Inc, Tech Mahindra Technology Services LLC, and Zen3 Infosolutions (America) Inc.

Over the past 52 weeks, Tech Mahindra's stock has traded between a high of Rs 1,416.00 and a low of Rs 1,039.20. As the company navigates the dynamic IT services landscape, investors will be closely monitoring its financial performance, strategic moves, and ability to secure new contracts in the digital transformation space.

Key Takeaways

  • Tech Mahindra's stock price is Rs 1,256.20, down 0.48% as of May 14, 2024.
  • Market capitalization stands at Rs 122,721.37 crore.
  • Tech Mahindra allotted 123,618 equity shares to applicants on May 10, 2024.
  • Institutional investors hold 13.74% (mutual funds) and 24.15% (FII) of the company's shares.
  • Analyst ratings are mixed, with 11 strong buys, 7 buys, and 10 sells, averaging a hold rating.