Tech Mahindra positive on improved September quarter profit; brokerages mixed - check targets
Tech Mahindra stocks: The Mahindra group company reported a total contract value -- the value of new deal wins -- at USD 716 million for the reporting quarter, and the management expressed satisfaction at the number saying it is within the target band of USD 700 million-USD 1 billion.
Tech Mahindra stocks: Tech Mahindra stocks traded higher on Wednesday post announcement of the September quarter results. The buying was buoyed as the second quarter net profit came higher than the Street estimates. Tech Mahindra, a Mahindra Group company and the country's fifth largest company, on Tuesday posted a 4 per cent decline in consolidated profit after tax at Rs 1,285 crore. The company's overall revenue rose 20.7 per cent to Rs 13,129 crore against Rs 10,881 crore in the same period a year ago and 3.2 per cent higher than the previous quarter of the current fiscal.
On Wednesday morning, the stock opened at Rs 1071 and made an intraday high of Rs 1098.70 on NSE, gaining around 3 per cent. At 12:30 PM, it quoted Rs 1072 apiece to trade near the previous close.
Post the announcement of Q2 earnings, brokerages have given mixed responses on the stock:
Click Here For Latest Updates On Stock Market | Zee Business Live
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.