Tech Mahindra stock rises on deal with TONOMUS

Shares of Tech Mahindra gained nearly 1 percent in early trade on November 21 after the company entered into a collaboration deed with NEOM Tech and Digital Company, known as TONOMUS. At 11:01am, the stock was trading at Rs 1,219.23 on the NSE.

In a BSE filing, IT major Tech Mahindra announced a significant collaboration with NEOM Tech through its material subsidiary Tech Mahindra (Americas) Inc. The two companies will incorporate a joint venture, focused on technology and digital services.

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Check brokerage views, target price

YES Securities suggests a ‘neutral’ rating for Tech Mahindra, setting a target price of Rs 1,190. On the other hand, ICICI Securities, stays optimistic about Tech Mahindra, giving it a ‘buy’ rating and projecting a target price of Rs 1552.

The Tech Mahindra stock has given a return of 9.65 percent over the last six months. The benchmark Nifty50 index has given a return of 7.53 percent over the same duration.

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