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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   22 Dec 14 | 11:01 AM

1235.80  23.4 (1.93%)

NSE   22 Dec 14 | 10:54 AM

1235.15  22.9 (1.89%)

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.

Sensex

Company Price Gain (%)
GAIL (India)450.053.46
NTPC139.002.58
B H E L264.352.12
Coal India384.051.99
Hind. Unilever764.651.33

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