Mastek Ltd Shares Surge 13% on Heavy Volume Buying; Brokerage Sets ₹3500 Target. The IT stock staged a b recovery after a 12% decline last week.
IT-Share: Tuesday's trading session witnessed significant buying in the Indian stock market, resulting in a positive market trend. This rally saw a considerable increase in IT sector stocks, particularly Mastek Ltd, which experienced heavy buying. The share jumped 13%, reaching a high of ₹2418.
Heavy Volume Buying in Mastek
Mastek's share closed at ₹2113 on Monday, but today saw robust volume buying. Approximately 1.7 million shares were traded on the NSE, compared to only 200,000 shares on Monday.
Last Week's Sell-off in the IT Sector
Concerns about a recession in the US and the low probability of the Federal Reserve cutting interest rates put pressure on the IT sector last week. Many IT stocks experienced significant declines, including Mastek Ltd. Over the past five trading days, Mastek shares had fallen by 12%, but today's session saw a b rebound, with a 13% increase reaching a new high.
Trading 28% Below 52-Week High
Mastek Ltd, an IT services company, has a total market capitalization of ₹6525 crore. However, the company's share is still trading 28% below its 52-week high of ₹3375.
Brokerage Firm Estimates
Financial services firm Avendus Spark has set a target price of ₹3500 for Mastek Ltd shares. This represents a potential upside of 66% from Monday's closing price of ₹2113.
Meanwhile, brokerage firm Anand Rathi Securities has also given a 'hold' rating on Mastek Ltd with a target of ₹3500.
Recent Share Performance
3 Months: Share declined by 25%
1 Month: 5% recovery
1 Week: Slight increase of 1%
