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Buy Mphasis; target of Rs 3550: ICICI Direct

ICICI Direct is bullish on Mphasis recommended buy rating on the stock with a target price of Rs 3550 in its research report dated January 24, 2022.

January 31, 2022 / 11:49 AM IST

"India’s specialty chemicals industry is a decadal growth opportunity and it is still not too late to participate in the value creation process. We prefer CRAMS/CSM players Navin Fluorine (Navin) and PI Industries (PI) as they provide long-term earnings visibility. We also like UPL due to robust growth outlook and reducing debt concerns and SRF due to rising contribution from the chemicals business," JM Financial research report.

 
 
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ICICI Direct's research report on Mphasis


Mpahsis Ltd (Mphasis) offers application services, BPO and infrastructure services BFSI, Technology, communication & logistic services. The company’s direct international revenues have grown 22.5% YoY in FY21 and is expected to grow at a healthy pace in coming years • OCF, EBITDA of 75% and double digit return ratio (with RoCE of 20%).


Outlook


We change our recommendation on the stock from HOLD to BUY. We value Mphasis at Rs 3550 i.e. 32x P/E on FY23E EPS.

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At 17:30 MphasiS was quoting at Rs 3,037.65, up Rs 104.30, or 3.56 percent.

It has touched an intraday high of Rs 3,108.40 and an intraday low of Rs 2,979.15.

It was trading with volumes of 10,294 shares, compared to its thirty day average of 24,186 shares, a decrease of -57.44 percent.

In the previous trading session, the share closed down 4.28 percent or Rs 131.05 at Rs 2,933.35.

The share touched its 52-week high Rs 3,659.75 and 52-week low Rs 1,399.30 on 19 October, 2021 and 24 February, 2021, respectively.

Currently, it is trading 17.02 percent below its 52-week high and 117.03 percent above its 52-week low.

Market capitalisation stands at Rs 57,035.05 crore.

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first published: Jan 31, 2022 11:49 am
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