Tech Mahindra: What Morgan Stanley Says
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Maintain ‘Underperform’ and reduce target price to Rs 1,555 from Rs 1,575.
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The company effectively delivered on its margins.
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Key positives include strong deal wins, stability in top clients, and steady improvement in margins.
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However, significant concerns remain, such as the weak conversion of deals to revenue, a challenging outlook for verticals like manufacturing, and a weak macroeconomic environment.
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We maintain an Underperform rating due to the risks to consensus estimates and premium valuation multiples.
Stock Market News Live: Global Markets
Asian stocks struggled for direction at the open after US markets had a volatile session amid speculation about the future of Federal Reserve Chair Jerome Powell.
The S&P 500 finished within striking distance of all-time highs after whipsawing on whether President Donald Trump will fire Powell. The Nasdaq Composite rose 0.25% to a fresh record and Dow Jones Industrial Average added 0.5%.
Stock Market News Live: GIFT Nifty Indicates Positive Start
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The GIFT Nifty was trading near 25,270 early Thursday. The futures contract based on the benchmark Nifty 50 was up 0.15% at 25,270 as of 7:13 a.m. indicating a start in the green for the Indian markets.
India’s benchmark equity indices snapped four sessions of losses to close higher on Tuesday, led by gains in auto and financial stocks. HCL Technologies Ltd. took a beating after June quarter disappointment.
The NSE Nifty 50 ended 113.5 points or 0.45% higher at 25,195.8, while the BSE Sensex closed 317.45 points or 0.39% up at 82,570.91.
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