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This is an archive article published on November 16, 2011

Tech Mahindra stock target slashed

HSBC has cut target price of Tech Mahindra to Rs 580 from Rs 700

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HSBC has cut target price of Tech Mahindra to Rs 580 from Rs 700 and retained the rating at underweight as it expects the decline in business from British Telecom BT to continue in next few quarters.

The company on Tuesday reported a 60 percent rise in net profit to 2.4 billion rupees for the Sept quarter,but cautioned on falling European spending.

More than three-fourth of the incremental hiring in the past six quarters has been done only in BPO,the brokerage said.

Even in this quarter,software headcount declined by 4.5 percent q-o-q to 26,665,while BPO headcount increased to 15,875,15 percent q-o-q.

BPO business is usually margin dilutive,HSBC said in a note. It has listed new engagements in the BT account and revival in the telecom sector IT spend as primary risks.

At 11.12 a.m.,the stock was at Rs 606,down 1.9 percent.

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