Healthy earnings trigger Tech Mahindra’s 14-month high
DSIJ Intelligence / 01 Aug 2017
Tech Mahindra has been leading the Nifty 50 index in Tuesday’s morning session. The sharp upsurge in the stock is on the back of healthy earnings for Q1FY18.
Tech Mahindra has been leading the Nifty 50 index in Tuesday’s morning session. The sharp upsurge in the stock is on the back of healthy earnings for Q1FY18. It has outperformed the Nifty IT index which was trading at the 10,820 level, up by 64 points or 0.6%.
The company’s EBITDA for the quarter rose by 4% Q-o-Q to Rs 935 crore. The EBITDA margin for the quarter stood at 12.7%. PAT for the quarter came in at Rs 792 crore, Q-o-Q, an increase of 34.3%. This was due to jump in other income by 72.6% Q-o-Q. Also, decline in effective tax rate aided PAT growth.
The scrip jumped to its 14-month high of Rs 413.9 per share, up by Rs 28.05 per share or 7.26%. It witnessed spurt in volume by more than 2.76 times. The stock attracted traded volume of 48,71,192 shares and traded value of Rs 198.86 crore as of 0938 hours.
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