Business Daily from THE HINDU group of publications
Friday, January 19, 2007
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Business Daily from THE HINDU group of publications Friday, January 19, 2007 |
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News Update as at 18.00 hrs (IST)
Markets Tech Mahindra down on profit taking MUMBAI: The stock of Tech Mahindra was down sharply on the bourses on Friday on heavy selling by operators and investors. The stock gained over the past few sessions and today's decline seemed to be a correction. The company said its third quarter net profit was more than doubled to Rs 167 crore from Rs 75.10 crore in the year-ago period on strong outsourcing orders. The revenue also more than doubled to Rs 770 crore against Rs 333 crore in the last year quarter. Since the revenue growth was driven by good volume growth it is expected to consolidate at these levels before moving ahead.
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