Tech Mahindra shares surge nearly 8% post Q4 results

Reacting to strong fourth quarter results, Tech Mahindra shares surged nearly 8 per cent on Wednesday. The software exporter reported 24.7 per cent jump in net profit for the fourth quarter ended March, 2013.

After making a positive opening, shares of the company further jumped 7.70 per cent to Rs 979.85 on the BSE. At NSE, the stock zoomed up by 7.64 per cent to Rs 979.45.

The company had reported 24.7 per cent jump in net profit at Rs 377.2 crore in the fourth quarter ended March 31 on Tuesday, helped by favourable currency movement and focus on operating matrix .

Net profit stood at Rs 302.5 crore in the January- March 2012 quarter.

"Focus on operating matrix and some currency fluctuations have helped the company post good profit. We have seen 9.2 per cent growth in dollar terms. The growth is in line with our strategy of broad-based revenue," Tech Mahindra Managing Director C P Gurnani said.

Meanwhile, in the stock market the BSE benchmark Sensex was trading at 20,155.25, up 43.64 points at 1148 hrs.

With PTI inputs