Shares of Tech Mahindra fell more than 6% following disappointing Q3 results. Kotak Institutional Equities and Nuvama retained their ‘Reduce’ ratings. Kotak highlighted the long turnaround journey for Tech Mahindra despite healthy revenue growth, citing macro challenges and weak telecom outlook. Nuvama called Q3 earnings a mixed bag with an uncertain outlook, noting lower EBIT margin and weak bookings.
Hot Stocks: Brokerages see 20-30% upside in Hero MotoCorp, CG Consumer and Grasim
Global brokerage firms have shared optimistic outlooks on key stocks. Nomura remains bullish on Hero MotoCorp, citing rural growth, while Citi maintains a positive view
November 18, 2024