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MindTree hits 29-month high, stock soars 8%

SI Reporter/Mumbai 27 Jun 12 | 10:59 AM
Related to : Mindtree Ltd
 Mindtree Ltd
tradenow

BSE   26 May 17 | 04:01 PM

534.60  -7.15 (-1.32%)

NSE   26 May 17 | 03:58 PM

535.20  -8.7 (-1.6%)

MindTree has jumped 8.3% to Rs 668, its highest price since January 2010, on the back of huge volumes. A combined 3,75,856 shares have already changed hands in the early noon deals, as against an average of less than 3,00,000 shares traded daily in the past two weeks.

Mid-sized international IT stock is outperforming the market. It has advanced 10%, compared to 1.6% rise in the benchmark Sensex, since V G Siddhartha, Coffee Day Group’s chairman acquired additional 3.84% stake in the company on June 18.

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Analysts at Prabhudas Lilladher are bullish on the stock and have put a “Buy" rating with a target of Rs 700.

“MindTree strategy to focus on existing clients, and increase their wallet share is paying good dividends. The company expects to deliver growth of 14% plus (in USD terms) lead by stronger growth in IT services and high single-digit growth in PES," the report states.

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Sensex

Company Price Gain (%)
Tata Steel511.805.46
ITC308.652.99
Power Grid Corpn203.802.57
Reliance Inds.1,335.802.53
Adani Ports346.951.82

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