Shares of information technology (IT) companies were trading higher for the second straight day on the bourses with Nifty IT index and S&P BSE IT index hit their respective fresh 52-week highs in otherwise range-bound market. At 10:30 AM; the S&P BSE IT Index (up 0.74% at 10,769) and Nifty IT index (up 0.90% at 11,273) up nearly 1% as compared to a marginal 0.1% rise in the S&P BSE Sensex and Nifty 50 index. Tata Consultancy Services (TCS), Polaris Consulting Services, MphasiS, LTI (L&T Infotech), KPIT Technologies and Nucleus Software Exports hit 52-week highs on the BSE. Among the individual stocks, Polaris Consulting Services rallied 8% to Rs 329 in intra-day trade, after the company reported 75% year on year (y-o-y) jump in its consolidated net profit at Rs 72.3 crore in September quarter (Q2FY18). Revenues stood at Rs 672 crore, registering 31.8% growth as compared to Q2FY17. In dollar terms, revenues stood at $104.4 million, a growth of 38.0% y-o-y and 21.4% quarter on quarter (q-o-q). On a constant currency basis, revenue increased by 38.0% y-o-y and 21.4% q-o-q. EBITDA (earnings before interest, taxes, depreciation and amortization) margins during the quarter under review improved at 16.2% compared to 12.1% in Q2 FY17. The robust revenue growth during the quarter was driven by additional businesses across key clients. The improvement in profitability was driven by combination of factors such as strong revenue growth, improvement in utilization levels, benefits from investments in prior quarters and cost rationalization initiatives, the company said. LTI was up 6% to Rs 871 on the BSE on back of over 10-fold jump in trading volumes.
A combined 485,151 shares changed hands on the counter on the NSE and BSE so far. The company reported a profit of Rs 273 crore for Q2FY18, up 2% from Rs 267 crore in the previous quarter. Revenue grew 5% q-o-q to Rs 1,751 crore. On constant currency revenue basis revenue grew 3.5% q-o-q and 11.7% y-o-y. Analysts on an average had expected profit of Rs 267 crore on revenue of Rs 1,721 crore for the quarter..
|COMPANY||LATEST||52 WK HIGH||PREV HIGH||PREV DATE|
|L & T INFOTECH||864.50||871.00||844.15||06-Nov-17|