New Delhi: Shares in mid-sized IT firm MindTree traded with strong gains Wednesday on the back of a stock price upgrade by brokerage firm Jefferies. The brokerage identified the stock as its top mid cap pick and raised the target price to Rs 740, which implies a 15 per cent upside from current levels.
At 11.20 a.m., MindTree shares traded 5 per cent higher at Rs 647.80 on the BSE, outperforming the broader BSE IT index, which traded 1 per cent higher.
The company's management has told analysts that growth in IT services is likely to continue and margins will continue to trend up.
MindTree had reported an over two-fold increase in net profit at Rs 68.9 crore in the March quarter, driven by strong growth in software services.
At 11.20 a.m., MindTree shares traded 5 per cent higher at Rs 647.80 on the BSE, outperforming the broader BSE IT index, which traded 1 per cent higher.
The company's management has told analysts that growth in IT services is likely to continue and margins will continue to trend up.
MindTree had reported an over two-fold increase in net profit at Rs 68.9 crore in the March quarter, driven by strong growth in software services.
