Tech Mahindra Shares Surge on Stellar Profit Jump

Tech Mahindra's shares soared over 4% after the company announced a two-fold increase in its net profit for the September quarter. The boost was driven by a significant income from asset sales, with revenue also seeing a rise, showcasing robust financial health.

Shares of Tech Mahindra, a leading IT services firm, surged over 4% on Monday following the announcement of an impressive two-fold increase in consolidated net profit for the September quarter.

On the Bombay Stock Exchange (BSE), the stock rose by 4.34% to reach Rs 1,761.30, marking its 52-week high. Similarly, on the National Stock Exchange (NSE), the stock increased by 4.38% to hit a 52-week high of Rs 1,761.85.

This significant profit boost, reported on Saturday, was largely attributed to special income from asset sales. Notably, Tech Mahindra's revenue also climbed by 3.49% to Rs 13,313.2 crore for the second quarter of fiscal year 2024-25. Sequentially, net profit rose by 46.81% with revenue increasing by 2.36%.

(With inputs from agencies.)