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Tech Mahindra Gains 3%; BSE IT Index Up 0.8%
Tue, 1 Oct 9:34

Tech Mahindra Gains 3%; BSE IT Index Up 0.8%Image source: ipopba/www.istockphoto.com

Tech Mahindra share price has zoomed 3% and is presently trading at Rs 1,627.6.

Meanwhile, the BSE IT index is at 42,689.7 (up 0.8%).

Among the top gainers in the BSE IT index today are INFIBEAM AVENUES (up 1.6%) and CYIENT (up 1.4%).

INTELLECT DESIGN (down 2.0%) and LTIMINDTREE (down 0.7%) are among the top losers today.

Over the last one year, Tech Mahindra has moved up from Rs 1,288.7 to Rs 1,627.6, registering a gain of Rs 338.9 (up 26.3%).

On the other hand, the BSE IT index has moved up from 32,745.6 to 42,689.7, registering a gain of 30.4% during the last 12 months.

The top gainers among the BSE IT index stocks during this same period were Oracle Financial Services (up 173.4%), Firstsource Solutions (up 90.8%) and PERSISTENT SYSTEMS (up 87.4%).

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What About the Benchmark Indices?

The BSE Sensex is at 84,555.0 (up 0.3%).

The top gainers among the BSE Sensex today are M&M (up 1.1%) and L&T (up 0.9%). The most traded stocks in the BSE Sensex are Tata Steel and NTPC.

In the meantime, NSE Nifty is at 25,810.9 (down 1.4%). Hero Motocorp and Reliance Ind. are among the top losers in NSE NIFTY.

Over the last 12 months, the BSE Sensex has moved up from 66,118.7 to 84,555.0, registering a gain of 18,436.3 points (up 27.9%).

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 62.4.


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