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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   17 Apr 14 | 12:11 PM

1420.90  40.25 (2.92%)

NSE   17 Apr 14 | 11:59 AM

1428.85  55.4 (4.03%)

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 (%)
Tata Motors421.852.59
Wipro585.452.37
ICICI Bank1,249.602.23
Axis Bank1,462.002.12
Infosys3,202.001.44

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