Tech Mahindra Shares Rise After Q2 Profit Beats Estimates | CP Gurnani Exclusive

Shares of Tech Mahindra were in focus today after the IT services firm reported a 4 percent year-on-year fall in consolidated net profit for the quarter that ended September 2022 The firm logged a profit of Rs 1,285 crore in Q2 against Rs 1,338 crore profit in the corresponding quarter of the previous fiscal. Profit came higher than estimates, which boosted sentiment around the stock. Brokerage Sharekhan had expected a 9.3 percent YoY fall in net profit at Rs 1,215 crore despite a 21.4 per cent YoY rise in net sales at Rs 13,208 crore.
Similarly, ICICI Direct anticipated Tech Mahindra's profit falling 11.8 per cent YoY to Rs 1,181 crore. Tech Mahindra stock rose 2.5 per cent to Rs 1,098.45 against the previous close of Rs 1071.65 on BSE. 
Market cap of the firm rose to Rs 1.04 lakh crore. Total of 1.17 lakh shares of Tech Mahindra changed hands amounting to turnover of Rs 12.75 crore.
Tech Mahindra shares are trading higher than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages. The stock has lost 39.74 per cent since the beginning of this year and fallen 27.6 per cent during the last one year. The IT stock hit a 52-week high of Rs 1837.75 on December 30, 2021 and a 52-week low of Rs 944.10 on June 17, 2022.