This multibagger IT stock grew by 150% in 2021, claims brokerage – will continue to grow even further

Multibagger Stock: IT stocks Mindtree shares have given multibagger returns this year. The multibagger stock has registered a gain of over 220% in the last one year, from a trading level of around Rs 1,660 per share in early January to reach Rs 4,131 at present. The stock has grown by nearly 150% (Y-o-Y) from year to date in 2021.

Domestic brokerage firm Axis Securities sees further upside in this IT stock and gives buy advice. We recommend ‘Buy’ rating on the stock with a target price of Rs 4,600 per share, Axis said in a note dated September 16.

Mindtree has a strong and geographically diverse presence in terms of revenue distribution. While the US and Europe contributed 76% and 16% to the revenue respectively, APAC contributed 7.2%. HI Tech and Media contributed 45% to the revenue, BFSI 18.2%, Retail CPG and Manufacturing 13.3%. During FY21, most of the verticals and geographies exhibited strong and broad-based demand.

“Mindtree continues to win new deals over the past quarter and invest additional employees to meet the delivery timelines of the won projects. In the long run, it will help achieve sustainable development.”

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