Hold Mphasis: Indiabulls Securities
Indiabulls Securities Research has maintained its hold rating on Mphasis in its June 29, 2009 report.
“At the current market price of Rs 392.35, Mphasis trades at a forward P/E of 13.7x for 2009E. In our view, the Company will continue its growth momentum supported by its association with HP and EDS. Our DCF based valuation (assuming a WACC of 14.8%, Rf of 7.91%, and terminal growth of 5%) gives a fair value of Rs. 409, which provides an upside of 4% from the CMP. Therefore, we maintain our Hold rating on the stock,” says Indiabulls Securities’ research report.
source: moneycontrol
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