Tech Mahindra Gains Nearly 6% On Strong June Quarter Earnings

Tech Mahindra shares gained nearly 6 per cent 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 per cent compared to the previous quarter. The shares of Tech Mahindra soared by 5.7 per cent 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 per cent, on the BSE.

The country's fifth largest IT services company by market capitalisation said its total revenue from operations stood at Rs 9,106.3 crore in the quarter ended June 30, down 4.05 per cent 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 current financial year, down 3.48 per cent from the January-March period.

Shares of Tech Mahindra had ended 1.73 per cent 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 per cent within a span of 2 trading sessions.

The BSE Sensex was trading at 38,211.75, higher by 275 points or 0.7 per cent and the NSE Nifty was at 11,211.80, up 79 points or 0.7 per cent, at the time.