October 31, 2018 / 6:11 AM / in 20 days

BUZZ-India's Tech Mahindra rises; Citi upgrades after strong Q2 results

** Tech Mahindra Ltd’s shares rise as much as 7.4 pct to 736 rupees, in their biggest intraday pct gain since May 2016

** Stock top pct gainer on the Nifty IT index, which is 2.4 pct higher amid a weaker rupee

** Q2 profit rose 27.3 pct to 10.64 bln rupees ($13.51 million), beating analyst estimates, as co clocked more deals in qtr

** Jefferies raises PT to 770 rupees from 755 rupees, maintains “hold”

** Citi upgrades to “neutral” from “sell”; PT at 730 rupees

** Citi says good growth in telecom after many qtrs, decent improvement in margin on q-o-q basis, aided by currency and lack of visa costs partly, and large deals helped deliver strong performance

** 32 of the 42 analysts covering the stock rate it “buy” or higher, 5 “hold” and 5 “sell” or lower; median PT 830 rupees - Refinitiv data

** More than 7.1 mln shares change hands, 2.3 times their 30-day moving avg of about 3 mln

** Up to last close, stock had risen about 36 pct this year($1 = 74.0300 Indian rupees)

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