Tech Mahindra shares surge nearly 9% after Q2 earnings

Shares of Tech Mahindra Wednesday surged nearly 9 per cent after the IT firm said its consolidated net profit increased 27.2 per cent for the second quarter ended September 30.

The stock soared 8.85 per cent to end at Rs 744.15 on the BSE. Intra-day, it jumped 9.76 per cent to Rs 750.40.

On the NSE, shares of the company zoomed 8.58 per cent to close at Rs 743.95.

In terms of the equity volume, 7.11 lakh shares of the company were traded on the BSE and over 1 crore shares were traded on the BSE during the day.

Tech Mahindra Tuesday said its consolidated net profit has increased 27.2 per cent to Rs 1,064.3 crore for the second quarter ended September 30.

This is against a net profit of Rs 836.2 crore in the July-September 2017 quarter, Tech Mahindra said in a statement.

The company's revenue from operations was up by 13.4 per cent to Rs 8,629.8 crore during the said quarter as compared to Rs 7,606.4 crore in the year-ago period.

In dollar terms, the net profit was up nearly 15.6 per cent to USD 149.4 million, while revenue rose by 3.3 per cent to USD 1.21 billion in the second quarter.