Tech Mahindra is top gainer

Tech Mahindra remains firmly as the top gainer on the BSE, currently up 7.23% at Rs.975.50, with an intra day high at Rs.979.75. Volumes are huge at almost 2 lakh shares compared to 43,000 shares over past two weeks average.

The stock has surged on the back of very good and much better than expected numbers for Q4FY13. The company posted a 25% (YoY) rise in consolidated net profit at Rs.377 crore and this was on a 35% rise in revenue at Rs.1907 crore. The consolidated numbers also includes that of Hutchison Global Services, the same company which Tech Mahindra acquired in Sept’12 for a consideration of Rs.485 crore. The rise in net profit was despite the forex loss of Rs.37 crore in Q4 but at the same time, it also had exceptional gains of Rs.57 crore. EBIDTA margin was at a very healthy 19.9%.