India's TeamLease Services rises on hopes of staffing market share gains

Teamlease Services

07/06/2023 05:14

** Shares of staffing firm TeamLease Services  TLSV.NS  up as
much as 5.3% at 2,264.75 rupees 
    ** Stock posts biggest intraday pct gain since May 17 
    ** Brokerage Motilal Oswal upgrades stock to "buy"  with a
target price of 2,890 rupees 
    ** Progressive reforms and regulations will lead to
formalization and increased penetration for staffing companies
in India says Motilal Oswal
    ** The formal workforce is expected to almost double by 2030
to nearly 40% 
    ** Estimates revenue growth to accelerate to 21% YoY in
FY25, aided by a recovery in IT Services 
    ** Of the 11 analysts tracking TeamLease, five rate it "buy"
or higher, three "sell" or "strong sell" and three "hold;"
median TP is 2,520 rupees - Refinitiv data
    

 (Reporting by Navamya Ganesh Acharya in Bengaluru)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))