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Mphasis today hit a record high on strong results. The company shares jumped nearly 13 per cent to their all-time high of Rs 1,123.80. The stock posted biggest intraday percentage gain since April 6.
The IT services provider had on Thursday posted a 29.1 percent jump in its consolidated profit after exceptional items at Rs 237.7 crore in the three months to March 31, 2018. The company had posted a profit of Rs 184.1 crore in the same period a year ago.
For the year ended March 31, 2018, the company’s net profit increased by 5.8 percent to Rs 837.5 crore from Rs 791.6 crore clocked at the end of 2016-17.
According to Morgan Stanley, the company has posted strong Q4 results and given a constructive outlook for FY19. It has retained 'overweight' on the stock with a price target of Rs 920.
The stock has risen 37 per cent this year up to Thursday.
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