HDFC Securities initiates India's Happiest Minds with 'add'

Happiest Minds Technologies

05/12/2023 10:19

** HDFC Securities (HSIE) initiates coverage IT services
firm Happiest Minds Technologies  HAPP.NS  with "add" and a PT
of 935 rupees
    ** The PT represents a premium of 11.4% to stock's last
close on Monday
    ** HAPP has strong partnerships with high-growth platforms
and is catching up with larger peers - HSIE
    ** Adds, co's margin profile boosted by lowest cost of
delivery and low dependence on sub-contractors
    ** Brokerage expects HAPP's revenue to grow at 21% CAGR over
FY24-26
    ** Faster recovery in discretionary spending in the sector
and value accretive acquisition ahead can be positive triggers -
brokerage    
    ** Shares of HAPP closed down 0.19% at 837.50 rupees on
Tuesday
    ** Stock down almost 5% YTD

 (Reporting by Kashish Tandon and Ashish Chandra in Bengaluru)
 ((kashish.tandon@thomsonreuters.com))