July 31, 2018 / 4:56 AM / 4 months ago

BUZZ-India's Tech Mahindra rises on strong Q1 results

** Shares of software services provider Tech Mahindra Ltd rise as much as 4.3 pct to 683.75 rupees

** Co on Monday reported 12 pct rise in Q1 profit, which fell just short of street estimates according to Thomson Reuters I/B/E/S

** Investec says pace of deal wins implies that long awaited improvement in growth from telecom segment has begun; keeps rating unchanged at “buy” and PT at 786 rupees

** Jefferies raises rating to “hold” from “underperform” and PT to 715 rupees from 625 rupees; Raises constant currency growth estimate for FY19 slightly but keeps USD growth rate unchanged to factor in higher cross-currency headwind

** 26 of 41 brokerages rate the stock “buy” or higher, seven “hold” and eight “sell” or lower; their median PT is 747.50 rupees

** Around 4.4 mln shares change hands, 1.3 times their 30-day avg

** Up to Monday’s close, stock had risen 30 pct this year compared to Nifty IT index’s 23.6 pct gain

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