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BUZZ-India's Tech Mahindra posts biggest drop in 5 months on growth concerns
November 2, 2017 / 5:29 AM / 20 days ago

BUZZ-India's Tech Mahindra posts biggest drop in 5 months on growth concerns

** Tech Mahindra Ltd’s shares fall as much as 5.7 pct in their biggest intraday pct drop since May 29

** Company posted a better-than-expected rise in Q2 profit on Wednesday, aided by key client wins

** Still, Nomura analysts were concerned with the underperformance of telecom, media & entertainment sectors and the stock’s gains over the past three months

** CLSA maintains “sell” on Tech Mahindra, citing “uncertain long-term growth prospects” and “exhaustion of margin momentum”

** 25 of 44 brokerages rate the stock “buy” or higher, 12 “hold” and seven “sell” or lower; their median PT is 460 rupees

** Stock had risen 18 pct in July-Sept qtr, compared with 0.6 percent rise in the Nifty IT index ($1 = 64.5525 Indian rupees)

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