Happiest Minds shares surge 10% as brokerage firm Anand Rathi initiates coverage with buy recommendation

Happiest Minds shares advanced on June 17.

Shares of Happiest Minds Technologies surged 10 percent in Tuesday’s trade after domestic brokerage Anand Rathi initiated coverage on the stock with a 'BUY' recommendation.

The brokerage has set a price target of Rs 790, indicating an upside of around 30 percent from Monday’s closing level, reported CNBC-TV18.

In its report, Anand Rathi said the company’s recent inorganic growth has shifted its business mix towards the BFSI and Healthcare segments. These two verticals now account for 42 per cent of the company’s total revenue as of the March quarter, up from 27.5 per cent in the year-ago period.

The brokerage also noted that the appointment of a Chief Growth Officer (CGO) is expected to open up new client opportunities and support cross-selling across business units. It further highlighted that the creation of a dedicated AI business unit underlines the company’s focus on using artificial intelligence to win new deals.

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