Tech Mahindra is trading higher by 3% at Rs 1,402, extending its past two days around 11% rally, after foreign institutional investor, First State Investment Management (UK) on its own behalf and First State Investments International have bought 240,631 shares of the company via open market on August 21.
The stock opened at Rs 1,368 and hit a high of Rs 1,409, its highest level since July 2007, on the Bombay Stock Exchange (BSE).
Shares of Mahindra Group IT firm has outperformed the market by surging 40% from Rs 1,000 on July 3 this year, after the company has merged Mahindra Satyam within itself. The BSE benchmark S&P BSE Sensex has declined 2.4%, while IT sector index has gained 26% during the same period.
Meanwhile, Goldman Sachs has a buy rating on the stock with a target price of Rs 1500; saying 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.
The stock opened at Rs 1,368 and hit a high of Rs 1,409, its highest level since July 2007, on the Bombay Stock Exchange (BSE).
Shares of Mahindra Group IT firm has outperformed the market by surging 40% from Rs 1,000 on July 3 this year, after the company has merged Mahindra Satyam within itself. The BSE benchmark S&P BSE Sensex has declined 2.4%, while IT sector index has gained 26% during the same period.
Meanwhile, Goldman Sachs has a buy rating on the stock with a target price of Rs 1500; saying 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.
