Tech Mahindra stock up 1 per cent on Q3 profit

New Delhi: Shares of Tech Mahindra rose over 1 per cent today after the company posted about 14 per cent jump in consolidated net profit for the December quarter of the current fiscal.

On BSE, the stock settled at Rs 471.70, up 1.06 per cent from the previous close. It had touched a high of Rs 478 in intra-day trade. The scrip ended the day on NSE at Rs 472.10, up 1.07 per cent from the previous close.

Intra-day, it had reached a high of Rs 478. The market capitalisation of the company increased by Rs 482.73 crore to Rs 45,903.28 crore. On the volume front, 2.07 lakh shares of the company were traded on BSE and over 30.24 lakh shares changed hands on NSE.

In a BSE filing, Tech Mahindra said it has seen about 14 per cent jump in consolidated net profit to Rs 856 crore for the third quarter ended December, 2016-17. The company had posted net profit of Rs 751.3 crore in the October-December period of last fiscal, 2015-16.

Its income from operations increased by 12.7 per cent to Rs 7,557.5 crore in the reported quarter, from Rs 6,701.1 crore in the year-ago period, according to the company's BSE filing.

"The strong deal wins and business momentum during the quarter reaffirm that we are on the right track to capitalise on the opportunities from the global digital transformation and see measurable benefits from that," Tech Mahindra Vice Chairman Vineet Nayyar said.