Tech Mahindra gains nearly 8% in two sessions

Tech Mahindra rose 1.84% to Rs 1,704.90 at 11:54 IST on BSE, extending Friday's 5.94% rise triggered by the company's good Q2 September 2013 results.

The result was announced after market hours on Thursday, 7 November 2013. Shares of Tech Mahindra rose 5.94% to Rs 1,674.05 on Friday, 8 November 2013. The stock has risen 7.89% in two sessions from Rs 1,580.20 on 7 November 2013.

Meanwhile, the BSE Sensex was down 106.06 points, or 0.51%, to 20,560.09.

On BSE, 1.07 lakh shares were traded in the counter compared with average volume of 1.78 lakh shares in the past one quarter.

The stock hit a high of Rs 1,716 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 1,675.30 so far during the day. The stock hit a 52-week low of Rs 865.25 on 7 December 2012.

The stock had outperformed the market over the past one month till 8 November 2013, rising 16.24% compared with the Sensex's 3.42% rise. The scrip had also outperformed the market in past one quarter, gaining 34.51% as against Sensex's 9.99% rise.

The large-cap company has an equity capital of Rs 232.45 crore. Face value per share is Rs 10.

On a consolidated basis, Tech Mahindra's net profit rose 4.7% to Rs 718 crore on 16.3% increase in revenues to Rs 4771 crore in Q2 September 2013 over Q1 June 2013. Operating profit (EBITDA) jumped 28.5% at Rs 1111 crore in Q2 September 2013 over Q1 June 2013.

Debt was at Rs 335 crore as of 30 September 2013; down by Rs 412 crore during the quarter. Cash and cash equivalent stood at Rs 3273 crore as of 30 September 2013.

Tech Mahindra is a leading provider of solutions and services to the telecommunications industry, majority stake owned by Mahindra & Mahindra. The company serves telecom service providers, equipment manufacturers, software vendors and systems integrators.

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