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Mindtree zooms nearly 10% as July September sales beat Street's view

Mindtree zooms nearly 10% as July-September sales beat Street's view

Mindtree zooms nearly 10% as July-September sales beat Street's view
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By Anshul  Oct 14, 2021 10:26:33 AM IST (Published)

Shares of IT company Mindtree surged nearly 10 percent on Thursday, a day after it reported a net profit of Rs 399 crore for the quarter ended September 30, while beating Street's view. 

Shares of IT company Mindtree zoomed nearly 10 percent on Thursday, a day after the midcap IT firm reported a net profit of Rs 399 crore for the quarter ended September 30, beating Street's estimates.

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On BSE, Mindtree shares rose as much as 9.99 percent to an intraday high of Rs 4,799.55 apiece. On NSE, the IT company's shares advanced to Rs 4,800.20 apiece intraday, up 9.99 percent.
At 9:58 am, Mindtree shares traded 5.20 percent higher, quoting at Rs 4,590 apiece on the BSE. The benchmark Sensex index was 0.60 percent up at that time.
While Mindtree marked a sequential rise of 16.2 percent from the net profit of Rs 343.4 crore in the previous quarter, analysts in a CNBC-TV18 poll earlier predicted Mindtree to report a net profit of Rs 358 crore over revenue of Rs 2,500 crore.
The revenue in dollar terms grew 12.8 percent sequentially to $350.1 million for Q2FY22. and 13.4 percent in constant currency terms, beating CNBC-TV18 poll estimates of 8.6 percent and 9.5-10 percent, respectively.
Mindtree shares have returned 171 percent in the past year to investors, with nearly 110 percent of it coming in the past six months alone.
Meanwhile, benchmark indices, BSE Sensex and NSE Nifty50, started Thursday's trade at a record high led by IT stocks. The 30-share BSE Sensex gained 351 points, rising 0.58 percent, to start at 61,088. The broader 50-share NSE Nifty50 jumped 111 points, or 0.61 percent, to open at 18,273.
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