We believe the stock has already factored in most of the recovery, maintain NEUTRAL with a TP of Rs 540 based on 13x Dec-19 EPS. We attended the Tech Mahindra (TechM) investor meet where the company showcased its Telecom and Enterprise business growth strategy along with Demos of various IoT, Machine Learning and Digital Transformation initiatives. Telecom industry is going through a transformation wherein CSP are spending on building network of the future (5G), Digital Technology, investing in platforms for vertical solutions, IoT network backbone and improving customer experiences.