Tech Mahindra has moved higher by 4% to Rs 1,319, extending its previous day’s 3% gain, after the information technology firm said overseas investor bought additional stake in the company through open market purchase.
First State Investment Management (UK) on its own behalf and First State Investments International have bought 240,631 shares representing 0.1% stake in the company via open market on August 21, Tech Mahindra said in a regulatory filing.
Post acquisition, the holdings of First State Investment Management (UK) increased to 5.03% from 4.93% earlier, it added.
Meanwhile, Goldman Sachs has a buy rating on the stock with a target price of Rs 1500, the CNBC TV18 report suggests.
First State Investment Management (UK) on its own behalf and First State Investments International have bought 240,631 shares representing 0.1% stake in the company via open market on August 21, Tech Mahindra said in a regulatory filing.
Post acquisition, the holdings of First State Investment Management (UK) increased to 5.03% from 4.93% earlier, it added.
Meanwhile, Goldman Sachs has a buy rating on the stock with a target price of Rs 1500, the CNBC TV18 report suggests.
"Post the merger with Satyam , Tech Mahindra has gained adequate scale to target big-ticket deals and cross-selling opportunities across its verticals and services," Goldman Sachs report said, added report.
The stock opened at Rs 1,285 and hit a high of Rs 1,327 on NSE. A combined 662,246 shares change hands on the counter till noon deals on NSE and BSE.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%