Tech Mahindra gains 2% on heavy volumes

The stock extended gains and touched a high of Rs 797, up 8% from its low. It finally ended with a 2% gain at Rs 785.The counter witnessed heavy volumes of 1.41 million shares as against its two-week daily average trade of 691,146 shares on the BSE.
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(Updated at 1147 hrs)

Tech Mahindra has slipped on the back of a fall in the net profit for the first quarter. However, the stock has recovered smartly from the day's low.

The stock opened at Rs 770 and soared to a high of Rs 782. The scrip slipped into the red to a low of Rs 740, down 4% from the previous close. The stock has erased some its early losses and is now at Rs 762, down 1% from the previous close. The counter has clocked volumes of 506,393 shares as compared to the two-week daily average traded volumes of 691,946 shares on the BSE so far.

The company reported a 49% dip in net profit to Rs 131.6 crore as compared to Rs 258.5 crore in the corresponding quarter last financial year. The revenue also marginally slipped to Rs 1,113 crore as against Rs 1,116 crore in the same quarter, a year ago.