Mindtree feels the heat, melts over 7% post Q4 Nos

Stocks of software services firm Mindtree today cracked by over 7 per cent in an overall weak market after the company's quarterly earnings failed to impress investors.
The stock ended the day with a loss of 6.88 per cent at Rs 1,295.55 on the BSE. During the day, it dipped 7.63 per cent to Rs 1,285.
On the NSE, the scrip slumped 7.13 per cent to end at Rs 1,292.20.
Following the slide, the company's market valuation fell by Rs 801 crore to Rs 10,847.95 crore.
"The company's FY 2015 Q4 results were below estimate while its revenues were in line with our estimate," brokerage firm Motilal Oswal Securities said in a report.

The mid-sized software services firm yesterday reported a 31 per cent growth in consolidated net profit at Rs 128.7 crore for the quarter ended March 31, aided by expansion in business across all platforms.

The firm had posted a net profit of Rs 98.2 crore in the year-ago period, it had said in a statement.
Consolidated revenue rose 11.5 per cent to Rs 918.1 crore in the March quarter from Rs 823.7 crore a year ago.
In terms of US dollars, net profit rose 30.5 per cent to USD 20.7 million while revenue jumped 11 per cent to USD 147.8 million.

However, on a quarter-on-quarter basis, its net profit declined 8.6 per cent from Rs 140.8 crore in the December quarter.