As the Indian markets vacilate from positive to negative, to green to red, many other developments are also on the horizon. Many have focused their senses on Auto stocks as a result of Auto Sales data trickling on October 1.
Hold Call From HSBC
Amidst these developments, Tech Mahindra stocks are on the rise in the intraday trade on Tuesday. This comes after the renowned brokerage firm HSBC Securities signalled a relatively positive call for the Pune-based tech company. Tech Mahindra shares rose by over 2 per cent in the day's trade.
As per HSBC, it has maintained a 'hold' rating for Tech Mahindra. In addition, it has also given target of Rs 1,600 per share.
With the earning season for the second quarter of FY25 around the corner, this development may be seen as a crucial development.
Tech M Shares Over A Month
Monthly decline |
In addition, this can also be seen as a positive change in the prospects of the company at the equity market. Over the past month, the company shares have declined in their value, shrinking in size. In the past month, Tech Mahindra lost a colossal 1.59 per cent or Rs 26.15 of its value.
Just in the past 5 days of trade alone, the company shares have traded in red. In the past 5 trading sessions alone, the company lost a marginal 0.13 per cent or its value.
Company Shares Rise on Tuesday
Rise on October 1 |
The picture, however, was different on Tuesday, as the company shares witnessed a steady rise in their value. At 13:18 IST, the company shares rose by mammoth 2.81 per cent or Rs 44.35. This took the overall value of the company shares to Rs 1,621.55 per piece.
In addition, one of TechM's biggest competitors, Infosys, also rose in its numbers. The company shares rose by 1.63 per cent on Tuesday, while TCS shares were trading in red with a marginal decline of 0.036 per cent.
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