India's Mphasis hits over 2-year high as Nuvama upgrades to "buy"

Mphasis

22/08/2024 07:07

** Mphasis  MBFL.NS  shares rise as much as 3.8% to 3,153
rupees, highest since April 11, 2022
    ** Stock top gainer on Nifty IT index  .NIFTYIT , which is
up 0.3%
    ** Nuvama Institutional Equities upgrades stock to "buy"
from "hold", with a PT of 3,500 rupees
    ** Says MBFL rallying for six straight sessions on early
signs of recovery and expectations of U.S. rate cuts
    ** Expects revenue base to diversify over next few years
    ** Avg rating of 28 analysts covering MBFL is "hold", with a
median PT of 2,725 rupees - LSEG data
    ** Stock up 15% so far this year vs a 17.5% gain in IT index

 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))