Shares of Tech Mahindra Ltd. hit a 17-month high on Friday after it approved merging Tech Mahindra Credit Solutions Inc. with its parent, Tech Mahindra (Americas) Inc.
The consolidation of entities will optimise operational costs and reduce compliance risk, it said in an exchange filing.
Shares of the company rose as much as 2.11%, the highest since April 25, 2022, before paring gains to trade 1.86% higher at 11:37 a.m. This compares to a 0.05% advance in the NSE Nifty 50.
It has risen 29.4% on a year-to-date basis. Total traded volume so far in the day stood at 1.8 times its 30-day average. The relative strength index was at 68.6.
Of the 43 analysts tracking the company, 15 maintain a 'buy' rating, 13 recommend a 'hold,' and 15 suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 14.5%.
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