The company's consolidated net profit grew nearly 15 per cent to Rs 428 crore ($49.54 million) for the quarter ended Dec. 31 compared with analysts' expectations of Rs 426 crore
In Q2, Mphasis, the midcap information technology company, reported a net profit of Rs 423.3 crore for the second quarter of the financial year (Q2 FY25), growing 8 per cent year-on-year (Y-o-Y)
The northward move in Mphasis share price came after New York-based financial services company Jefferies initiated coverage with 'Buy' for a target price of Rs 3,460 per share
By 11:11 AM, the Nifty IT index had come off its peak but was still trading 0.82 per cent higher at 45,199.40. In comparison, the broader Nifty50 index was up a modest 0.11 per cent at 24,646.30
Shares of Mphasis rose 2.54 per cent at Rs 68.95 per share on the BSE in Friday's intraday deals
At 02:31 pm; Nifty IT index, the top loser among sectoral indices, was down 2.3 per cent, as compared to 0.43 per cent decline in the Nifty 50.
The developments come at a time when the markets are already grappling with geopolitical developments in West Asia and the uncertainty surrounding the outcome of the US presidential polls
Company says most of its contracts are now for work in artificial intelligence
The rise in Mphasis share price came after the company reported a healthy September quarter (Q2FY25) results.
Derivatives market update Oct 08: FIIs turn bearish on Indian stocks, long-short ratio in index futures dipped below 1 for the first time since August 14. Retail and proprietary trades turn bullish.
Derivatives market update for Sept 19: Options data hint that short term support for Nifty is at 25,250; while upside momentum is expected above 25,500, says Sahaj Agarwal of Kotak Securities.
The fall in IT stocks may also be attributed to a report which says Accenture Plc is planning to push back the bulk of its staff promotions by six months
Derivatives market update for Friday, August 23: Analysts suggest Nifty options market reflects a bearish sentiment, with increased Call writing vs. Puts, as the index nears major hurdles.
On the bourses, Mphasis has rallied 26.7 per cent in the last three months, driven by expectations of interest rate cuts in the US and early signs of recovery in the US-BFS sector.
The Nasdaq rose more than 2% on Thursday after July the US retail sales data signalled resilient consumer spending, allaying fears of an imminent recession in the world's largest economy.