Tech Mahindra Jumps 7% on Q2, Bonus, Dividend

Markets opened slightly higher today, with the Sensex at 74,341.08 (up 25 points) and the Nifty at 23,065.10 (up 68 points), against Thursday’s closes of 74,315.61 and 22,997.35. Profit-booking after Thursday’s 1,534-point rally pushed the indices briefly lower, with the Sensex down over 130 points early on. By around 12 PM they had recovered, with the Sensex up roughly 200 points. IT stocks led the recovery, while Nifty Oil & Gas was the weakest sector and midcaps and smallcaps were slightly lower.

is the standout stock. It rose as much as about 7%, to ₹1,762.40 at 10 AM, up from yesterday’s close of ₹1,650, after its Q2 FY27 results on Thursday evening. The results: -Net profit rose 32.7% year on year to ₹1,586 crore. One report gave ₹1,609.7 crore (up 34%), but most sources say ₹1,586 crore. Profit was below the ₹1,642 crore analysts expected. -Revenue rose 15.6% to ₹16,180 crore, ahead of the ₹16,027 crore expected. -New deal wins were $1.023 billion, up 25.4%, and the EBIT margin was 14.8%. -Shareholder returns: The board declared a ₹15 interim dividend (record date October 23) and recommended a 1:1 bonus issue. Other IT stocks followed. Infosys, TCS, Wipro and HCL Tech were also higher, and Nifty IT was the top sector. Early laggards: HDFC Life, Jio Financial Services and SBI Life were the biggest Nifty losers around noon, and Reliance, Bajaj Finserv, L&T and Kotak Bank were weak early on.