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Tech Mahindra Plunges 5%; BSE IT Index Down 2.7%
Thu, 31 Oct 12:18

Tech Mahindra Plunges 5%; BSE IT Index Down 2.7%Image source: KanawatTH/www.istockphoto.com

Tech Mahindra share price has plunged 5% and is presently trading at Rs 1,605.2.

Meanwhile, the BSE IT index is at 40,367.3 (down 2.7%).

Among the top losers in the BSE IT index today are PERSISTENT SYSTEMS (down 5.3%) and Mphasis (down 4.4%).

Firstsource Solutions (up 1.5%) and Mastek (up 1.3%) are among the top gainers today.

Over the last one year, Tech Mahindra has moved up from Rs 1,126.9 to Rs 1,605.2, registering a gain of Rs 478.3 (up 42.4%).

On the other hand, the BSE IT index has moved up from 31,119.8 to 40,367.3, registering a gain of 29.7% during the last 12 months.

The top gainers among the BSE IT index stocks during this same period were Oracle Financial Services (up 179.6%), Firstsource Solutions (up 119.9%) and PERSISTENT SYSTEMS (up 75.2%).

Dear Reader: If You Invest in Midcap Stocks, this is for You

What About the Benchmark Indices?

The BSE Sensex is at 79,517.5 (down 0.5%).

The top losers among the BSE Sensex today are HCl Tech. (down 3.1%) and TCS (down 2.8%). The most traded stocks in the BSE Sensex are Tata Steel and Tata Motors.

In the meantime, NSE Nifty is at 24,236.8 (down 0.4%). HCl Tech. and TCS are among the top losers in NSE NIFTY.

Over the last 12 months, the BSE Sensex has moved up from 64,112.7 to 79,517.5, registering a gain of 15,404.8 points (up 24.0%).

Tech Mahindra Financial Update...

Tech Mahindra net profit grew 144.6% YoY to Rs 12,569 million for the quarter ended September 2024, compared to a profit of Rs 5,138 million a year ago. Net sales rose 3.5% to Rs 133,132 million during the period as against Rs 128,639 million in July-September 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 47.7.


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