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Shares of IT services firm Hexaware Technologies on Thursday advanced by nearly 14 per cent after the company posted 24.4 per cent rise in consolidated net profit for the quarter ended September 30, 2017.
The stock jumped 13.87 per cent to settle at Rs 319 on the BSE. Intraday, it soared 14.99 per cent to Rs 322.15. On the NSE, shares of the company zoomed 13.44 per cent to close at Rs 318.95.
The company’s market valuation also rose Rs 1,153.63 crore to Rs 9,465.63 crore. In terms of equity volume, 8.58 lakh shares of the company were traded on the BSE and over 90 lakh shares changed hands on the NSE during the day.
Hexaware had earned 9.8 per cent increase in revenue to ₹993.1 crore from ₹904.1 crore in the same period a year ago.
According to Thomson Reuters data, Q2 profit topped analysts' average estimate.
FY18 revenue is expected to be in the upper end of guidance growth of 14-15 per cent, Hexaware had said on Wednesday.
The company added that is was on track to beat upper end of outlook on profit.
“Barring these client specific issues, management commentary was robust,” Emkay Global Financial Services analysts wrote in a note, adding that it was driven by strong traction from existing clients.
Six of 20 brokerages rated the stock as “buy” or higher, eight “hold” and six “sell” or lower; their median target price is Rs 250.
(With inputs from Agencies)
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