Tech Mahindra rises 6%, hits new high as Q3 profit beats Street estimates

The stock rallied 6% to Rs 794, surpassing its previous high of Rs 780 touched on October 3, 2018, on BSE in the intra-day trade.

Shares of Tech Mahindra hit a new high of Rs 794 apiece, up 6 per cent on BSE in the early morning trade after the company reported better-than-expected sequential growth of 13 per cent in consolidated net profit at Rs 1,203 crore for the quarter ended December 2018 (Q3FY19). The IT major reported 27.5 percent year-on-year (YoY) rise in net profit.

The stock surpassed its previous high of Rs 780 touched on October 3, 2018, on BSE in the intra-day trade. The revenue for the quarter rose 3.6 per cent against the September quarter to Rs 8,944 crore.

Analysts,