Mid-Market Watch: MindTree zooms at Nifty IT index

Shares of IT consultancy company Mindtree Ltd, after having soared 3 percent intraday, Thursday, after the company reported Q3 revenue at USD 251.5 mn, that is up 2.1 percent on quarter-on-quarter.

As per results released, its revenue in constant currency spiked 2.4 percent sequentially, marginally ahead of estimates. Profit falls to Rs 191.2 cr v/s Rs 206.3 cr, revenue based on Indian rupee grew 1.8% quarter-on-quarter to Rs 1,787cr, while EBIT stood at Rs 242 crore, up 5.5 percent higher than the median consensus estimate of Rs 240 crore

The Company at its meeting held on Wednesday, Jan 16, have also declared an interim dividend of Rs.3 per equity share of par value Rs 10 each, which will be paid to the shareholders on or before Jan 31, 2019, it said.

Meantime, during mid-market Thursday, Nifty IT index trade higher 0.47 percent at 14,776.30 with MindTree at top index gainer higher by 2.58 percent at Rs. 862.90 per share. Meantime, benchmark BSE Sensex trades flat at 36345-level up by 24 points and Nifty up by 6 points at 10897-levels at around 12.45 pm.