BusinessTech Mahindra Soars Nearly 10% On Jump In June...

Tech Mahindra Soars Nearly 10% On Jump In June Quarter Profit

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At 1:20 pm, Tech Mahindra shares were trading higher by 8 per cent on the BSE

Tech Mahindra shares soared nearly 10 per cent to touch a 52-week high in a subdued market after the company reported a jump in net profit in the quarter ended June 2020. On Thursday, Tech Mahindra reported a 42.91 per cent growth in net profit in the June quarter to Rs 1,365.7 crore on the back of higher revenues and an expansion in profit margins. The net profit in the year-ago period stood at Rs 955.6 crore. Tech Mahindra shares touched a 52-week high of Rs 1,237 on the BSE and at 1:20 pm, the shares were trading at Rs 1,218.90, up Rs 91 or 8 per cent, on the BSE.

Tech Mahindra’s total income in the quarter improved 7 per cent month-on-month to Rs 10,485 crore.

The company’s dollar revenue was up 4.1 per cent at $1,383.6 million against $1,329.6 million and the constant currency revenue growth stood at 3.9 per cent.

The BSE Sensex was trading at 52,749.95, higher by 96.70 points or 0.18 per cent and the NSE Nifty was at 15,818.16, up 40.70 points or 0.25 per cent.

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