New Delhi: ICICI Direct Research recommended buying shares of Tech Mahindra and HDFC Life. The brokerage firm suggested share price target and Stop Loss for the mentioned stocks. The firm said the counters have the potential to reach the target price in the span of three months.
Tech Mahindra share price target
ICICI Direct recommended buying Tech Mahindra shares within a time frame of three months, The brokerage advised the interested investors to pump in their money to buy the IT stock in the range of Rs 1,520-1,552 with a target price of Rs 1,750. The shareholders have been advised to safeguard the scrip by maintaining the Stop Loss at Rs 1,424. Tech Mahindra share price ended at Rs 1,607.80 on August 23, 2024.
Tech Mahindra Q1 2024-25 Results
Tech Mahindra is a leading global provider of technology consulting and digital solutions. The company announced its consolidated financial results for its quarter ended June 30th, 2024 in July.
Tech Mahindra reported its Revenue at Rs 13,005 crores in the first quarter of 2024-25; up 1.0 per cent QoQ, down 1.2% YoY.
The IT company mentioned that its EBITDA stood at Rs 1,564 crore in the quarter ending June – The EBIDTA was up 11.1% QoQ, up 16.9% YoY; margin at 12.0%, up 110 bps QoQ,190 bps YoY. Consolidated PAT for the Q1 2024-25 was registered at Rs 851 crores; up 28.8% QoQ, up 23.0% YoY.
HDFC Life share price target
Giving a Buy rating on HDFC Life, the brokerage firm said the stock can be purchased in the range of Rs 695-715. While advising the investors to buy the stock, it stated that the scrip has the potential to rise to the levels of Rs 810. The Stop Loss should be positioned at Rs 654, it advised the shareholders. HDFC Life stock closed at Rs 726.95 on August 23, 2024
HDFC Life Q1 2024-25 Results
HDFC Life Insurance Company Limited (HDFC Life) declared its Q1 2024-25 Results and reported a 15 per cent rise in net profit at Rs 477.65 crore. The net profit was at Rs 415.34 crore in the same quarter of 2023-24. In its financial results, the Value of New Business (VNB) jumped 18 per cent Y-o-Y to Rs 718 crore in the Apri-June quarter as compared to Rs 610 crore in the first quarter of the previous financial year.
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