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Tech Mahindra stock rises up to 7% on Q1 earnings

At 9:19 am, the stock was trading almost 6 percent higher at 408 points on the BSE.

BT Online        Last Updated: August 1, 2017  | 16:59 IST
Tech Mahindra stock rises 7% on Q1 earnings

The Tech Mahindra stock on Tuesday rose in early trade on June quarter earnings that came above estimates.

At 9:19 am, the stock was trading almost 6 percent higher at 408 points on the BSE.

The Tech Mahindra stock closed 4.56 percent or 17.55 points  higher at 402.80 level.

The stock is down 15.6 percent since the beginning of this year. It fell 16 percent on an year-on-year basis.

4,22,529 shares of the firm were traded till 10:08 am. The total turnover in terms of value stood at Rs 1,728 lakh.

The country's fifth largest fifth-biggest software services exporter, reported profit at Rs 799 crore ($124.55 million) in Q1, compared with Rs 749 crore last year.  On a quarter-on-quarter basis, the firm reported 35.8 percent rise in net profit.

The firm reported an about 7 percent rise in net profit, beating estimates, helped by higher revenue from its IT segment.

Meanwhile, the Sensex and Nifty were trading 0.07 percent and 0.09 percent higher, respectively.

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