Key benchmark indices are trading higher in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 149.65 points or 0.31% at 48,536.16. The Nifty 50 index was up 184.10 points or 0.28% at 14,525.45. The Nifty regained the key 14,500 level in early trade.
Investors continue to monitor India s Covid situation as the country continues to battle a second wave that is pushing its health-care system to the brink. India reported a record number of Covid-19 cases for the fifth straight day on Monday while the official death toll also jumped. Official data showed there were 352,991 new reported cases over a 24-hour period as total infection numbers crossed 17 million.
Tech Mahindra s consolidated net profit fell 17.44% to Rs 1,081 crore on 0.9% rise in revenues to Rs 9,730 crore in Q4 FY21 over Q3 FY21. EBITDA grew 2.8% to Rs 1,948 crore in Q4 FY21 over Q3 FY21. EBITDA margin stood at 20% in Q4 FY21 as against 19.6% in Q3 FY21 and 14.2% in Q4 FY20.
The company through its wholly owned subsidiary viz., Tech Mahindra (Americas) Inc. approved the proposal to acquire 100% equity shares in Eventus Solutions Group, LLC, (Eventus) for up to $44 million.
Wipro announced the implementation of a digital experience platform for Bristol Water to modernize critical infrastructure. As part of this implementation, Wipro will develop a new cloud-based solution with capabilities such as instant release, high security, low maintenance, and ability to seamlessly integrate with Bristol Water s existing systems through bespoke Application Programming Interface (API) solutions. T
Tech Mahindra through its wholly owned subsidiary viz., Tech Mahindra (Americas) Inc. approved the proposal to acquire 100% equity shares in Eventus Solutions Group, LLC, (Eventus) for a total cash consideration of up to USD 44 million including earnouts.
The acquisition will bolster consulting capabilities in Customer experience (CX) and customer management space and will enable Tech Mahindra to build an industry leading consulting practice and move up the value chain in the BPS business.
The transaction is expected to close by 15 June 2021.
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Tech Mahindra Q4 net profit increases 34%
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Tech Mahindra on Monday posted a 34.5% year-on-year increase in consolidated net profit to ₹1,081.4 crore for the January-March 2021 quarter.
Net profit had come in at ₹803.9 crore a year earlier. However, net profit declined about 17% sequentially from ₹1,309.8 crore reported for the quarter ended December 2020.
Revenue from operations rose 2.5% ₹9,729.9 crore as against ₹9,490.2 crore in the year-earlier quarter. , the company said in a regulatory filing. For the full year 2020-21, the net profit was up 9.8% to ₹4,428 crore, while revenue from operations was higher by 2.7% at ₹37,855 crore. The Board of Directors has recommended a final dividend of ₹15 per equity share and a special dividend of ₹15 per equity share, it added.