Standard Chartered has upgraded Tech-Mahindra

Standard Chartered has upgraded Tech-MahindraStandard Chartered has upgraded Tech-Mahindra to “in line”
from “underperform” and increased it is target price to Rs 720 from Rs 603 on back of much better view for the unit Mahindra Satyam.

At a note, the British investment bank mentioned it awaited Satyam to witness volume rehabilitation and profit expansion to mid double number over 4 quarters. Standard Chartered mentioned it awaited a 15 % consolidated earnings per stock growth for the firm over two fiscals, to be largely operated by Satyam as its contribution to Tech Mahindra’s earnings increase from 22 % to 38%.

At 2.14 p.m., the stock was increase 0.55 % Rs at 654.65 .

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