Tech Mahindra shares surge on earnings, MSCI inclusion

Tech Mahindra shares rise as much as 6% to its highest since May 2007

 

 

Tech Mahindra on Thursday posted July-September consolidated net profit of Rs.718 crore, slightly higher than consensus forecasts of Rs.710 crore. Photo: Hemant Mishra/Mint

 

Mumbai: Tech Mahindra Ltd shares rose as much as 6% on Friday to its highest since May 2007 after the company’s July-September earnings beat some analysts’ estimates.

Tech Mahindra also got a boost after MSCI said on Thursday it would add its shares to its MSCI India index. The inclusion will be effective as of the close of trade on 26 November, the index provider said.

Tech Mahindra on Thursday posted July-September consolidated net profit of Rs.718 crore, slightly higher than consensus forecasts of Rs.710 crore.

Tech Mahindra shares were up 4.8% at Rs.1,656.55 apiece at 10:21am on BSE, outperforming a 0.44% fall in the Sensex.

 

TOUHID HUSSAIN

PGDM  2nd year