Religare Institutional Research has maintained 'Buy' on Tech Mahindra with target price of Rs 2,100 in its report.

Commenting on the investment rationale, the stock broker said, "Tech Mahindra's Q4FY14 revenues came in at USD 825 million, also helped by seasonality and one-time project revenues. Wage hikes pushed EBIT margins down 200bps to 18.4%, in line with estimates.

We maintain that Tech Mahindra's merger benefits are translating into improving deal participation/win ratios, in turn leading to strong growth. Valuations at 12.9x FY15 P/E are reasonable, and we believe execution and superior growth rates should aid further re-rating."

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