MindTree hits record high on foreign fund buying

MindTree gained 2.67% to Rs 1,120 at 9:25 IST on BSE after foreign fund FID Fund Mauritius bought 0.71% stake in the software firm on Friday, 20 September 2013.

Meanwhile, the S&P BSE Sensex was down 113.34 points or 0.56% at 20,150.37

On BSE, 596 shares were traded in the counter as against average daily volume of 24,388 shares in the past one quarter.

The stock hit a high of Rs 1,124.90 so far during the day, which is a record high for the counter. The stock hit a low of Rs 1,108.05 so far during the day. The stock had hit a 52-week low of Rs 635 on 17 October 2012.

The stock had underperformed the market over the past one month till 20 September 2013, rising 10.79% compared with the Sensex's 11.06% rise. The scrip, however, outperformed the market in past one quarter, gaining 33.99% as against Sensex's 8.25% rise.

The mid-cap IT company has equity capital of Rs 41.71 crore. Face value per share is Rs 10.

Foreign fund FID Fund Mauritius bought 2.95 lakh shares or 0.71% stake at Rs 1,074.99 per share of MindTree through a bulk deal on the BSE on Friday, 20 September 2013.

MindTree reported 71.6% surge in consolidated net profit to Rs 135.40 crore on 5.8% growth in revenue to Rs 647.70 crore in Q1 June 2013 over Q4 March 2013.

MindTree is a global IT and product engineering services company, with deep knowledge in specific domains.

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