Tech Mahindra Shares Jump Over 7% After Strong Q2 Results

Tech Mahindra stock rose more than 7% on Friday and became the top gainer on the Nifty 50. The jump came after the company shared better-than-expected results for the July-September quarter. Net profit rose 8.2% from the previous quarter to Rs 1,586 crore. Revenue in dollar terms grew 2% to $1,693 million. Operating profit (EBIT) also improved, and the margin reached 14.8%, moving closer to the company’s target of 15%. New deal wins stayed strong at over $1 billion. The company also announced a Rs 15 interim dividend per share and a 1:1 bonus issue. The rally came amid broader buying in IT stocks. TCS gained 4.89 percent to Rs 2,465, while Infosys advanced 3.69 percent to Rs 1,151. HCLTech rose 1.47 percent to Rs 1,380, while Wipro jumped 6.2 percent. At the close, the Sensex was up 413.66 points, or 0.56 percent, at 74,729.27, while the Nifty 50 gained 148.80 points, or 0.65 percent, to 23,146.15. Market breadth was positive, with 2,303 stocks advancing against 1,874 declining.