Mahindra Satyam shares surge after posting over 56 per cent profit

Mumbai: Shares of Mahindra Satyam on Friday soared about 10 per cent following its posting over 56 per cent jump in net profit for the quarter ended June 30.

Boosted by the robust earnings, shares of the company opened firm and as the trade progressed it surged 9.8 per cent to a 52-week high of Rs 91.85 on the BSE. At the NSE, the scrip gained 9.67 per cent to one-year high of Rs 91.85.

On the volume front, 45.44 lakh shares of Mahindra Satyam changed hands on the BSE, while over one crore shares were traded on the NSE. Similarly, Tech Mahindra rose by 7.31 per cent to Rs 772.7 on the BSE.

Boosted by the robust earnings, shares of the company opened firm and as the trade progressed it surged 9.8 per cent to a 52-week high of Rs 91.85 on the BSE.

"Mahindra Satyam reported strong set of Q1 FY'13 numbers, beating street expectations across the board," Ankita Somani Research Analyst IT & Telecom said.

The company on Thursday reported over 56 per cent jump in net profit to Rs 352 crore for the quarter ended June 30, largely on account of forex gains and interest income.

The company's net profit was Rs 225 crore in the April-June 2011 quarter.

Its consolidated revenues for the reported quarter stood at Rs 1,880 crore, up 31.1 per cent from Rs 1,434 crore in the April-June 2011 quarter.

Rupee depreciation contributed around 8 per cent to the revenue growth.

Rally in the scrip sharply outperformed the weak market where the BSE 30-stock index, Sensex, was trading at 17,061.59, down 162.77 points at 11.11 am.

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