Mphasis Share Price Target: Shares of Mphasis opened with a slight gain on Tuesday even as benchmark equity indices declined in early trade on Tuesday amid profit taking. The 30-share BSE Sensex declined 113.63 points to 76,376.45. The NSE Nifty dipped 29.6 points to 23,229.60.

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The counter opened with a slight gain at Rs 2409.45 against the previous close of Rs 2394.45 on the BSE. It went on to rise to Rs 2413 before falling down to Rs 2382.70 amid selling pressure. Last seen the counter was trading at Rs 2397.65.

Mphasis Share Price Target 2024

Market expert Sandeep Wagle on Tuesday said that his long-term view on the Mphasis is positive and said that the investors can buy the stock with a target price of Rs 2,800 in the next 1.5 months.

Mphasis in News

Earlier, about 3.35 crore shares of Mphasis were sold through open market transactions on the NSE as part of a large block deal of over Rs 7,000 crore on Monday.

Shares of the information technology firm slumped 4.82 per cent to Rs 2,352.60 in the intra-day trade before recovering some ground to settle at Rs 2,398, about 3 per cent lower than its previous close.

Though buyers and sellers of the shares could not be ascertained, earlier reports had suggested that BCP Topco -- an affiliate of US-based investment firm BlackStone -- could be the seller.

Further, Blackstone -- promoter entity of IT and consulting company Mphasis Ltd -- sold a 10.6 per cent stake through block deals.

As per reports, the share sale would trigger a 180-day lock-in period before Blackstone-backed BCP Tapco could execute another block deal.

A combined of 3.35 crore equity shares -- at an average price of Rs 2,379.75 apiece -- changed hands on the National Stock Exchange (NSE) -- with a total deal value of over Rs 7,000 crore.

BCP TOPCO IX Pte held 55.45 per cent in Mphasis as per the shareholding pattern in March 2024.

In April this year, Mphasis posted a 2.98 per cent decline in consolidated net profit to Rs 393.2 crore in the March quarter of FY24.

The company posted a net profit of Rs 405.3 crore in the same period a year ago.

The consolidated revenue from operations of Mphasis Group, however, increased marginally to Rs 3,142 crore during the fourth quarter of the previous fiscal from Rs 3,361.2 crore a year ago.