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Mindtree share falls 10% ahead of Q2 earnings

Mindtree stock lost up to 9.6% to Rs 1403 against  previous close of Rs 1553 on BSE.

twitter-logoBusinessToday.In | October 16, 2020 | Updated 12:33 IST
Mindtree share falls 10% ahead of Q2 earnings
It trades higher than 20 day, 50 day, 100 day and 200 day moving averages but lower than 5 day moving averages

Mindtree share price slipped nearly 10% ahead of its Q2 earnings today. The IT stock lost up to 9.6% to Rs 1403 against  previous close of Rs 1553 on BSE.

The stock has lost 10% in two sessions.  It trades higher than 20 day, 50 day, 100 day and 200 day moving averages but lower than 5 day moving averages.

However, the share has gained 96% in one year and  78% since the beginning of thisyear.

Total 2.21 lakh shares of the IT firm changed hands amounting to turnover of Rs 32.76 crore on BSE.

Market cap of the firm fell to  Rs 23,511 crore. Later, the stock closed 8.11% or Rs 125 lower at Rs 1,427.

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"The meeting of the Board of Directors of the company is scheduled on October 15 to consider and approve the audited financial results of the company on standalone and consolidated basis for the quarter and half year ended September 30, 2020 and to consider declaration of interim dividend, if any amongst other matters," Mindtree said.

The share touched its 52-week high Rs 1,605.45 and 52-week low Rs 675.80 on 14 October, 2020 and 14 November, 2019, respectively.

In Q1, net profit grew about 130% to Rs 213 crore. Profit was also 3.3% higher sequentially. Revenue for the quarter ended June 30 rose 4.1% year-on-year to Rs 1,908.8 crore but was down 6.9% sequentially.

Dollar revenue rose 4.1% to $253.2 million but fell 9% quarter-on-quarter.

Net profit in dollar terms was $28.3 million.

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