Most IT stocks have seen sharp correction post Q2 results. However, the medium-term outlook stays bullish as per their respective technical charts.
For the quarter under review, Mindtree posted a net profit of Rs 253.7 crore, up 87.9 per cent year-on-year (YoY) and 19.1 per cent sequentially.
The firm's revenues remained flat year-on-year at Rs 1,926 crore during the period under review and witnessed a marginal 1 per cent gain sequentially
The Bengaluru-based company saw its revenue grow marginally to Rs 1,926 crore in the quarter under review from Rs 1,914.3 crore in the year-ago period
The growth outlook of the top client and margin outlook are the key monitorables.
At 11:32 am, the S&P BSE IT index, the top gainer among sectoral indices, was up 1,003 points or 4.7 per cent at 22,233 points, as compared to 1.4 per cent rise in the S&P BSE Sensex
With markets recovering, midcaps have also rebounded and in fact, have outperformed benchmark indices by a good margin in the last two months
The transactions were carried out by Krishnakumar N, wife Akila Krishnakumar and son Siddarth in multiple tranches between September 15-23, Mindtree said in a regulatory filing on Saturday
This was the best day-one performance for an IPO since IRCTC in October last year, when the shares of the state-owned company gained 127 per cent
Krishnakumar Natarajan sold 1.7 million equity shares, amounting to Rs 207 crore, on September 14, 2020 through open market, Mindtree said
The company had posted a net profit of Rs 21.06 crore in the April-June quarter a year ago
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Revenue of the firm grew 4.1 per cent year-on-year to Rs 1,908.8 crore during this period though it declined 6.9 per cent sequentially
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In US dollar terms, revenue stood at $253.2 million, down 4.1 per cent YoY and 9 per cent QoQ.
Travel and Hospitality vertical contributes nearly 16 per cent to Mindtree's total revenues.
A total of 35 companies, including Wipro and Mindtree, are scheduled to announce their quarterly results today
The technology industry is one of the largest recruiters for fresh graduates in the country.
Traders are advised to avoid carrying aggressive bets overnight while trading in Nifty
Traders are advised to avoid carrying aggressive bets overnight while trading in Nifty