TECHM

Tech Mahindra is trading at a low 29x P/E, well below industry averages, with stagnant growth typical of the IT sector. However, DIIs have aggressively increased their holding from 25% to 37% over two years, absorbing shares sold by foreign investors. LIC and Kotak FlexiCap are prominent buyers. While the business faces headwinds, the massive shift in ownership from foreign to domestic hands indicates that local institutions see deep value here, betting on a eventual sector recovery despite current lackluster performance.