Tata Tech shares surge 3% despite Axis Capital predicting 9% downside
[hfe_template id='11223']
[ad_1]
Shares of Tata Group company Tata Technologies today surged 3.3% to day’s high of Rs 1,083.45 on the BSE despite securing a ‘reduce’ rating and a target price of Rs 950 (a potential downside of 9%) for the stock from domestic brokerage firm Axis Capital. Axis Capital believes that there is no respite on growth cuts for the company even as VinFast ramp-down headwinds ebb ahead. “Anchor-client concentration is likely to increase, reversing recent progress,” said the domestic brokerage firm in its note. The brokerage firm also stated that the stock’s valuations are also high despite its underperformance on a year-to-date basis. Additionally, the company’s client concentration is also likely to rise further in FY25 after a decline over FY20-23. Also read: Hot stocks: Brokerage views on Varun Beverages, PB Fintech, Tata Tech, 360 One and GMR Airports Recently, global brokerage firm Citi had also maintained its sell call on the stock with a tar...
