Tata Group Stock To Add, Target Price Rs 1900: ICICI Securities Recommends

Leading brokerage firm ICICI Securities has assigned add call to Tata Group's mid cap company Tata Communications shares with target price of Rs 1900 apiece. Last trading price of Tata Communications shares on BSE is Rs 1739.70 per share with intraday gain of 0.09%. Tata Communications shares declined 1.53% year-to-date and offered return of 29% in last 1-year. The company's third quarter net profit declined thus missing analysts estimates. According to the BSE filing of the company, net profit of Tata Communications declined 79.6% to Rs 45.1 crore and total expenses surged 15% sequentially to Rs 5,305.47 crore.

The company Q3 FY24 revenue surged 15.6% QoQ to Rs 5,633.3 crore and EBITDA rose 11.7% QoQ to Rs 1134.3 crore.

Tata Communications Stock Outlook & Return: The 52-week high price of Tata Communications shares on BSE is Rs 1956.85 per share and 52-week low price is Rs 1157.10 per share, respectively. The company's market capitalisation is Rs 49,581.45 crore. Tata Communications shares fell 1.08% in last 2-weeks, gave return of 8% in last 6-months, soared 29% in last 1-year, and gained 20% in last 2-years. In last 3-years, the scrip rallied 65%. Tata Communications shares rose 424% in last 5-years.

Tata Communications About: The Company enables the digital transformation of enterprises globally, including 300 of the Fortune 500 - unlocking opportunities for businesses by enabling borderless growth, boosting product innovation and customer experience, improving productivity and efficiency, building agility and managing risk. With its solutions orientated approach, proven managed service capabilities and cutting-edge infrastructure, Tata Communications drives the next level of intelligence powered by cloud, mobility, Internet of Things (IoT), collaboration, security and network services, according to its official website.

Disclaimer:

The stock has been picked from the brokerage report of ICICI Securities. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.