Tech Mahindra shares gained nearly 6 percent on the BSE after the IT major reported a net profit of Rs 972.3 crore for the April-June period, marking a gain of 20.95 percent compared to the previous quarter. The shares of Tech Mahindra soared by 5.7 percent tp touch an intra-day high of Rs 702.40 in early trading. At 9:30 am, the stock was trading at Rs 698.8, up 5.2 percent, on the BSE.
The country’s fifth-largest IT services company by market capitalization said its total revenue from operations stood at Rs 9,106.3 crore in the quarter ended June 30, down 4.05 percent compared to three months ended March 31.
Revenue from the IT segment came in at Rs 8,366.7 crore in the first quarter of the current financial year, down 3.48 percent from the January-March period.
Shares of Tech Mahindra had ended 1.73 percent higher at Rs 664.05 on the BSE on Monday, ahead of the earnings announcement. And with today’s gains, the shares have added nearly 8 percent within a span of 2 trading sessions.
The BSE Sensex was trading at 38,211.75, higher by 275 points or 0.7 percent and the NSE Nifty was at 11,211.80, up 79 points or 0.7 percent, at the time