Hold Tech Mahindra, target of Rs 868: Reliance Money

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Hold Tech Mahindra, target of Rs 868: Reliance Money

Reliance Money has recommended a hold rating on Tech Mahindra with a target price of Rs 868. Tech Mahindra (TML) reported a 7% sequential jump in the revenues in USD term to USD 228 million, largely aided by currency tailwinds, otherwise on a constant currency basis revenues were up by mere 2% qoq.

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RELATED NEWS Tech Mahindra to raise funds via QIP to retire debt Tech Mahindra Q1 MTM losses at USD 5.76 mn Tech Mahindra Q1 PAT seen down 15.7% at Rs 194.3 cr ALSO READ See previous views by Reliance Money See what other Experts & Brokerages are saying about Tech Mahindra See messages about Tech Mahindra Tech Mahindra BSE | NSE 25/05/12 Are Mutual Funds betting on Tech Mahindra?

Reliance Money has recommended a hold rating on Tech Mahindra with a target price of Rs 868 in its July 30, 2009 research report.

"Tech Mahindra (TML) reported a 7% sequential jump in the revenues in USD term to USD 228 million, largely aided by currency tailwinds, otherwise on a constant currency basis revenues were up by mere 2% qoq. In INR term revenues up by 5.9% qoq to Rs 11130 million. We recommend 'HOLD' on TML with target price of Rs 868 at our target price the stock will be valued at 11X FY11E consolidated earning of TML ( at Rs 57.3) and 42.7% earning from Mahindra Satyam (at Rs 21.7)," says Reliance Money's research report.

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To read the full report click on the attachment......