Tech Mahindra shares jump nearly 6% on better-than-expected Q1 earnings

Shares of Tech Mahindra jumped nearly six percent on Tuesday after the company reported a 1.35 percent rise in June quarter net profit and said it is targeting to emerge stronger by the end of the calendar year 2020.

The stock gained 5.77 percent to Rs 702.40 on the BSE.

At the NSE, it jumped 5.74 percent to Rs 702.75.

Tech Mahindra on Monday reported a 1.35 percent jump in June quarter net profit at Rs 972.3 crore amid the Covid-19 pandemic.

As compared to the preceding March quarter, the net profit of the country’s fifth-biggest software exporter grew over 20 percent, but the management was quick to point that there were impairments on the back of provisions made for Covid-19.