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This is an archive article published on August 30, 2013

Morgan Stanley resumes Tech Mahindra coverage,rates stock ‘overweight’

The bank believes the company's revenue growth over the next 2-3 years could surpass expectations.

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Morgan Stanley resumed coverage of Tech Mahindra Ltd at “overweight” and a target price of Rs 1,650,saying shares remain undervalued and a re-rating can continue.

The bank said it believed the company’s revenue growth over the next 2-3 years could surpass its and consensus expectations.

It highlighted margin surprise,acquisition of treasury shares,acquiring other Mahindra group IT companies and higher dividend payout as key to further re-rating.

Tech Mahindra shares were up 3.55 per cent at 3 pm.

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