GetPaidIndia.com

Mindtree as a good midcap IT pick

November 20th, 2009

The Information Technology has seen many ups and downs which are mostly to do with the global economic conditions and the reduced sending of the US corporate. But with things getting better and the large-cap IT stocks having already started to see a rebound, it will be a good time to take a look at the midcap IT section too. And needless to say, Mindtree (BOM:532819)(NSE: MINDTREE)(ISIN Code: INE018I01017) is one of the most favorite amongst Indian midcap IT stocks.

Analysts feel that the calendar year 2010 will see IT spending to gain momentum and Mindtree appears to be well placed to make the best of the situation. Its recent deal wins, one from a large US financial institution and another from a global FMCG giant, are an example as to how swiftly Mindtree gets projects. Improvements in bottom line and operating leverage are expected to help the company to report better profits going forward.

On the BSE, Midtree is currently trading at 636.00 levels. Its 52-week high is at   663.00  (November 18, 2009) and 52-week low is at 187.10 (March 13, 2009). Analysts feel the script can be targeted for Rs. 700.

Entry Filed under: Equity Markets, IT & ITes