Tech Mahindra Stock up after strong results

Indian multinational provider of information technology, Tech Mahindra Limited has reported its financial results for Q3FY2019. The result was announced after market hours, Tuesday.

According to the Company, its revenue rose at Rs. 8,944 crore up 15 percent year on year and up 3.6% quarter-on-quarter.  EBITDA stood at Rs 1723 crore, higher by 36.2 percent year-on-year and 6.4 percent quarter- on-quarter.  Consolidated profit after tax was reported at Rs. 1,203 crore up 27.5 percent year on year.  Earning per share was Rs. 13.55 for the quarter ended Dec 31, 2018.

Reacting positively to this result, the stocks of Tech Mahindra opened at Rs784.00 per share against Tuesday’s close of Rs. 751 per share on the NSE. Nifty It index reached high at 15,992.50 higher by 1.61 percent.

At 10.50 AM, the stock was trading at Rs794.80, up by 5.83 percent and reached an intraday high of Rs798.95 and an intraday low of Rs 774.00.  Meantime, NSE benchmark Nifty trade higher at 10987.60 up 53 points and the Sensex trade higher at 36800, up 183 points.

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