Tech Mahindra has moved higher by 4% to Rs 1,319, extending its previous day’s 3% gain, after the information technology firm said overseas investor bought additional stake in the company through open market purchase.
First State Investment Management (UK) on its own behalf and First State Investments International have bought 240,631 shares representing 0.1% stake in the company via open market on August 21, Tech Mahindra said in a regulatory filing.
Post acquisition, the holdings of First State Investment Management (UK) increased to 5.03% from 4.93% earlier, it added.
Meanwhile, Goldman Sachs has a buy rating on the stock with a target price of Rs 1500, the CNBC TV18 report suggests.
First State Investment Management (UK) on its own behalf and First State Investments International have bought 240,631 shares representing 0.1% stake in the company via open market on August 21, Tech Mahindra said in a regulatory filing.
Post acquisition, the holdings of First State Investment Management (UK) increased to 5.03% from 4.93% earlier, it added.
Meanwhile, Goldman Sachs has a buy rating on the stock with a target price of Rs 1500, the CNBC TV18 report suggests.
"Post the merger with Satyam , Tech Mahindra has gained adequate scale to target big-ticket deals and cross-selling opportunities across its verticals and services," Goldman Sachs report said, added report.
The stock opened at Rs 1,285 and hit a high of Rs 1,327 on NSE. A combined 662,246 shares change hands on the counter till noon deals on NSE and BSE.
