Tech Mahindra share price: Tech Mahindra's stock fell on Wednesday, a day after the IT major's Q3 net profit fell short of Street estimates.
Tech Mahindra shares were in focus on Wednesday, a day after the IT company reported its quarterly financial results. On BSE, the Tech Mahindra stock fell as much as 4.2 percent to Rs 1,444 during the session.
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Tech Mahindra shares finished the day at Rs 1,482.8 apiece, down 1.6 percent from their previous close.
After the market hours on Tuesday, Tech Mahindra posted a 2.2 percent quarter-on-quarter increase in net profit to Rs 1,368.5 crore for the October-December period. Its quarterly revenue, however, increased 5.2 percent sequentially to Rs 11,451 crore.
Analysts in a CNBC-TV18 poll had predicted the IT major to report a quarterly profit of Rs 1,464 crore and revenue of Rs 11,466 crore.
Should you buy, sell or hold Tech Mahindra shares now? Here's what brokerages say:
The brokerage maintained its 'sell' rating on Tech Mahindra with a target price of Rs 1,260.
The IT company's Q3 revenue was in line but the margin was below estimates, and its slower hiring is likely to cause concern, according to UBS.
The brokerage maintained its 'overweight' rating on the stock with a target price of Rs 2,100.
The company's Q3 revenue was in line but margin as well as earnings per share (EPS) were slightly below estimates, according to Morgan Stanley.
The brokerage retained a 'buy' call on the stock with a target price of Rs 2,200.
The IT company's revenue growth was better than expected but near-term supply challenges weighed on its margin, according to Nomura.
The brokerage said Tech Mahindra's deal wins set the stage for strong growth in FY23.
(Edited by : Sandeep Singh)