India's Mphasis tumbles after brokerage sees muted Q4 growth

Mphasis

27/02/2023 09:01

** Shares of Mphasis  MBFL.NS  fall as much as 8.01%,
steepest intraday decline in nine months, to 2021.90 rupees
    ** IT solutions provider is the top loser in IT index
 .NIFTYIT , which is down over 2%
    ** Global brokerage firm Citi reiterates "sell" on MBFL and
maintains PT of 1,705 rupees, after an interaction with the
company's management
    ** Deal wins to revenue conversion is slowing in current
macro environment, says Citi and adds mortgage business is
likely to remain muted in March quarter
    ** Citi expects improvement in overall growth of MBFL only
after March quarter
    ** Trading volume is 1.08 mln shares as of 2:25 p.m., 2.7x
the 30-day avg of 406,314 shares - Refinitiv data
    ** Of the 28 analysts tracking MBFL, 14 maintain "buy", four
suggest "sell" and 10 recommend "hold"; median TP is 2,252
rupees


 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; Mobile:
+919769003463))