Tech Mahindra scrip over 3% up; m-cap rises by Rs 1,981 cr

Shares of Tech Mahindra today settled for the day with gains of over 3 per cent following which the market capitalisation of the company improved by as much as Rs 1,981 crore.
The company yesterday reported a healthy rise in revenue and marginal growth in September quarter, with net profit at Rs 719.7 crore.
Reacting to the numbers, the shares of the company opened on a bullish note and then surged as much as 4.79 per cent to an early high of Rs 2,511.50 on the BSE.
At the end of today's trading session, the stock lost some sheen and settled at Rs 2,480.15, up 3.49 per cent. Accordingly the market capitalisation of the company improved by Rs 1,981 crore to Rs 58,407.25 crore.

Market experts had attributed the uptrend in the counter to the decent September quarter numbers.
The revenue rose 15 per cent to Rs 5,488 crore over the same period last fiscal while on a sequential basis it rose 7.2 per cent. The profit was up 14.1 per cent on a sequential basis.
Its pre-tax margins also improved to 19.9 per cent during the quarter as against the preceding June quarter's 18.1 per cent.
Executive Vice Chairman Vineet Nayyar said the company is in the investment phase which impacts the margins. But once the work is on stream, the returns are higher, he added.