Click to play videoMumbai: It was a big bang listing for telecom software major Tech Mahindra on Monday.
The company’s stocks are now listed at Rs 525, which includes a premium of Rs 160 as against its issue price of Rs 365 on the Bombay Stock Exchange.
While, the much-awaited listing did not disappoint the investors, Tech Mahindra Chairman Anand Mahindra says his aim is to take the telecommunications company to the number one position in the world.
"The fact is that telecommunication industry is one of the fastest growing industries in the world. Particularly for the Indian telecom industry, there is huge opportunity everywhere," said M&M Chairman, Anand Mahindra.
While there is no denying that the company has strong business prospects, analysts are worried on some concerns.
One is the dependence of the company on BT (British Telecom), which accounts for nearly 70 per cent of its earnings, and the other is the fact that the telecom sector has been in the doldrums in the recent past.
However, despite all the concerns, most analysts are bullish for the Tech Mahindra stocks especially since the issue was attractively priced.
Analysts say that the company’s shares are ‘a hold’ for investors who have the stocks and ‘buy on declines’ for those who don't.
But before Tech Mahindra enters the big league, the markets will wait and watch the company's performance in the coming quarters and if it meets the targets it has set for itself.
(For updates you can share with your friends, follow IBNLive on Facebook, Twitter, Google+ and Pinterest)
More on IBNLive Right Now
TOP NEWS
PHOTOGALLERY
