Stocks

MindTree stock gains 18%

PTI Mumbai | Updated on March 12, 2018 Published on July 21, 2011

Shares of MindTree opened on a bullish note and jumped by as much as 18 per cent on the bourses today after the IT firm reported a two-fold increase in net profit for the first quarter of this fiscal.

Shares of MindTree, which have lost over 36 per cent since the start of this year, opened on a strong note at Rs 365 on the Bombay Stock Exchange, then surged to a high of Rs 425.50, up 18.45 per cent from their previous closing price.

On the National Stock Exchange, the stock witnessed similar movement, opening at Rs 373.60 before jumping to a high of Rs 425.80, up 18.40 per cent from its last close.

For the quarter ended June 30, 2011, the company’s net profit stood at Rs 34.5 crore, up from Rs 5.9 crore in the first quarter last fiscal. Revenue during the reporting quarter increased 18.46 per cent to Rs 413.1 crore from Rs 348.7 crore in the same period last year.

On the volume front, as many as 6.57 lakh shares of the company exchanged hands on BSE and over 14.97 lakh shares got traded on NSE by 11.48 a.m.

“Momentum in both our businesses is expected to continue and we are confident of delivering higher than industry average growth in FY’12,” MindTree CEO and Managing Director, Mr Krishnakumar Natarajan, said yesterday while announcing the results.

Last quarter, the company’s stocks were hammered following the exit of its chairman and co-founder, Mr Ashok Soota.

Mr Soota left MindTree to start his own business venture. He has since then sold half of his stake (about 5.5 per cent) through a block deal.

Published on July 21, 2011
null
This article is closed for comments.
Please Email the Editor