Buy Mastek: target of Rs 1300 : Sharekhan
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Sharekhan's research report on Mastek
Current Group CEO Mr. John Owen has relinquished role as on January 18, 2021; Mr. Ashank Desai will be interim CEO until a new CEO is appointed. Mastek has appointed one of the top US recruitment firm to search for a CEO, who would drive the company's growth in the US markets given rising spends on technologies and traction for its Cloud offerings. Management confident of sustainable growth momentum in UK business given its track record of executing large projects for the UK government, multi-layer relationships in accounts and a strong deal pipeline.
We maintain a Buy on Mastek with a revised PT of Rs. 1,300; recent drop of over 20% in stock provides long-term investors good entry point.
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