Mphasis shares rise 4% to hit 2-year high after Nuvama upgrades rating to ’buy’

Mphasis, a global IT solutions provider, saw its shares rise for the sixth consecutive trading session on Thursday, climbing 4 per cent to reach a two-year high of ₹3,153 per share. This surge followed Nuvama Institutional Equities’ upgrade of the stock from ‘hold’ to ‘buy,’ with a target price of ₹3,500, citing improved growth prospects.

According to the brokerage, the company has experienced sluggish growth in recent years, with a 7.8 per cent decline in FY23 and a 6.3 per cent drop in FY24. However, it anticipates a reversal of this trend as the macroeconomic environment improves.