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Tech Mahindra Plunges 4%; BSE IT Index Down 2.8%
Wed, 18 Sep 11:24

Tech Mahindra Plunges 4%; BSE IT Index Down 2.8%Image source: DNY59/www.istockphoto.com

Tech Mahindra share price has plunged 4% and is presently trading at Rs 1,592.5.

Meanwhile, the BSE IT index is at 42,733.6 (down 2.8%).

Among the top losers in the BSE IT index today are Mphasis (down 5.6%) and Oracle Financial Services (down 4.8%).

INFIBEAM AVENUES (up 0.7%) and TANLA SOLUTIONS (up 0.3%) are among the top gainers today.

Over the last one year, Tech Mahindra has moved up from Rs 1,289.4 to Rs 1,592.5, registering a gain of Rs 303.1 (up 23.5%).

On the other hand, the BSE IT index has moved up from 33,207.2 to 42,733.6, registering a gain of 28.7% during the last 12 months.

The top gainers among the BSE IT index stocks during this same period were Oracle Financial Services (up 174.7%), Firstsource Solutions (up 83.1%) and PERSISTENT SYSTEMS (up 75.7%).

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What About the Benchmark Indices?

The BSE Sensex is at 83,255.1 (up 0.2%).

The top gainers among the BSE Sensex today are Bajaj Finance (up 2.5%) and HDFC Bank (up 1.7%). The most traded stocks in the BSE Sensex are NTPC and SBI.

In the meantime, NSE Nifty is at 25,458.9 (up 0.2%). Shriram Transport and Bajaj Finance are among the top gainers in NSE NIFTY.

Over the last 12 months, the BSE Sensex has moved up from 67,596.8 to 83,255.1, registering a gain of 15,658.3 points (up 23.2%).

Tech Mahindra Financial Update...

Tech Mahindra net profit grew 23.9% YoY to Rs 8,622 million for the quarter ended June 2024, compared to a profit of Rs 6,958 million a year ago. Net sales declined 1.2% to Rs 130,055 million during the period as against Rs 131,590 million in April-June 2023.

For the year ended March 2024, Tech Mahindra reported 50.7% decrease in net profit to Rs 23,968 million compared to net profit of Rs 48,570 million during FY23. Revenue of the company fell 2.4% to Rs 519,955 million during FY24.

The current Price to earnings ratio of Tech Mahindra, based on rolling 12 month earnings, stands at 61.0.


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