Shares of MindTree gained over 5 per cent today as the IT company’s standalone net profit more than doubled to Rs 89 crore for the first quarter ended June 30, 2012.

After making a robust opening, the scrip further gained 5.46 per cent to Rs 694.15 on the BSE. On the NSE, the stock surged 5.74 per cent to Rs 694.80.

On the volume front, 1.46 lakh shares changed hands on the BSE, while about 4 lakh shares were traded on the NSE.

MindTree’s standalone net profit more than doubled to Rs 89 crore for the first quarter ended June 30, 2012, against Rs 34.6 crore in the year-ago period.

Revenues increased 36.2 per cent to Rs 563 crore during the April-June quarter from Rs 413.1 crore in the same period last year, MindTree said in a filing to the BSE.

“The global demand environment continues to be challenging as customers are cautious in their IT spending.

However, with our strategic initiatives, we expect to achieve Nasscom’s current industry estimates for FY 2012-13,” MindTree CEO and Managing Director, Mr Krishnakumar Natarajan, said.

Software services industry body Nasscom has estimated the sector to grow 11-14 per cent this fiscal.

Rally in the MindTree stock outperformed the sluggish broader market where the Sensex was trading at 17,262.56, up 48.86 points or 0.28 per cent at 12.41 pm.

(This article was published on July 16, 2012)
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