Mphasis falls 4% post June-quarter results
The stock dipped 4% to Rs 1,149 on the BSE after the IT Company reported in line with 8.7% QoQ growth in consolidated net profit at Rs 2.58 billion in June quarter.
 "Share prices get boost after buyback")
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Mphasis was down 4% to Rs 1,149 on the BSE in early morning trade on Wednesday even after the IT Company reported in line with 8.7% quarter on quarter (QoQ) growth in consolidated net profit at Rs 2.58 billion in June quarter (Q1FY19). It had profit of Rs 2.38 billion in March quarter (Q4FY18).
Gross revenue grew 7.0% QoQ at Rs 18.20 billion during the quarter. In constant currency terms, growth was 2.9% QoQ. Excluding one-time revenue from India Government contract in Q4 FY18, gross revenue grew 3.6% QoQ in constant currency terms, which was in line with an analyst estimates.
Meanwhile, the board of directors of Mphasis have approved share buy-back at maximum price of Rs 1,350 per share, aggregating to Rs 9.88 billion, subject to the approval of shareholders.
Shares of Mphasis hit a record high of Rs 1,237 on July 25, 2018 had strong run-up during the current calendar year. Thus far in 2018, the stock rallied 64% as compared to 11% rise in the S&P BSE Sensex till Tuesday.
At 09:52 am; the stock was trading 3.3% lower at Rs 1,153 on the BSE, against 0.07% rise in the benchmark index. A combined 324,144 equity shares changed hands on the counter on the BSE and NSE so far.
Gross revenue grew 7.0% QoQ at Rs 18.20 billion during the quarter. In constant currency terms, growth was 2.9% QoQ. Excluding one-time revenue from India Government contract in Q4 FY18, gross revenue grew 3.6% QoQ in constant currency terms, which was in line with an analyst estimates.
Meanwhile, the board of directors of Mphasis have approved share buy-back at maximum price of Rs 1,350 per share, aggregating to Rs 9.88 billion, subject to the approval of shareholders.
Shares of Mphasis hit a record high of Rs 1,237 on July 25, 2018 had strong run-up during the current calendar year. Thus far in 2018, the stock rallied 64% as compared to 11% rise in the S&P BSE Sensex till Tuesday.
At 09:52 am; the stock was trading 3.3% lower at Rs 1,153 on the BSE, against 0.07% rise in the benchmark index. A combined 324,144 equity shares changed hands on the counter on the BSE and NSE so far.