Tech Mahindra shares bounce back from sharp intra-day decline; settle marginally higher

New Delhi, Jul 26 (PTI) Shares of IT services firm Tech Mahindra on Friday ended marginally higher, bouncing back from their sharp intra-day slump, in line with a smart rally in the broader market.

During the morning trade, the stock lost nearly 6 per cent after the company's revenues declined by 1.2 per cent during the June quarter.

The stock recovered the early lost ground and ended at Rs 1,540.50 apiece, up 0.68 per cent on the BSE. During the day, it tanked 5.52 per cent to Rs 1,445.50.

On the NSE, shares of the IT services firm ended 0.71 per cent higher at Rs 1,541 after tumbling 5.60 per cent to Rs 1,444.25 apiece in intra-day.

The 30-share BSE Sensex jumped 1,292.92 points or 1.62 per cent to settle at 81,332.72 and the NSE Nifty surged 428.75 points or 1.76 per cent to settle at an all-time closing high of 24,834.85.

Tech Mahindra on Thursday reported a 23 per cent jump in consolidated net profit to Rs 851 crore for the June 2024 quarter.

The Mahindra group company had posted a net profit of Rs 692.5 crore in the year-ago period.

The company, which began a three-year strategic restructuring under a new head recently, saw its revenues decline by 1.2 per cent to Rs 13,005 crore during the reporting quarter.

Its new managing director and chief executive officer Mohit Joshi said the performance in FY25 will be better than the year-ago period. PTI SUM SUM SHW