Mastek shares experienced a 2% increase to Rs 2,893 in morning trade on October 31. This rise was a result of Macquarie's decision to maintain an 'outperform' rating and raise the target price to Rs 3,320, indicating a potential upside of 17.3% from the previous closing price of Rs 2,830.

The positive sentiment is a direct result of Mastek's strong second-quarter earnings report, which was its best performance since Q4FY23. Macquarie emphasized that Mastek's recent acquisitions have been successful, leading to a 17.3% quarter-on-quarter increase in North American revenue and an 11.1% year-on-year rise in US dollar terms. Despite the partial impact of wage hikes, EBITDA saw a growth of 125 basis points quarter-on-quarter and 40 basis points year-on-year.

Since the beginning of the year, Mastek shares have gained just over 1%.