Mindtree remains in the green
On 19th Sept, Mindtree hit a new 52-week high at Rs.1175 and since then it has remained firmly in the green. Today too, it is up, currently at Rs.118, up 2.5%, with an intra day high at Rs.1132. Market cap stands at Rs.4647 crore.
The stock is up ever since the company announced, that a foreign fund FID Fund Mauritius bought 2.95 lakh shares or 0.71% stake at Rs 1,074.99/share, through a bulk deal on the BSE on 20 Sept. FII holding in the stock as at 30th June 2013 stood at 30.99%, while promoters stake has been consistently coming down from 19.20% at end of Dec 2012 to 16.80% at end of current Q1.
The company has been doing well on the financial front but major of it was thanks to the rupee depreciation. A forex gain on account of rupee depreciation of Rs.62 crore and sizeable other income of Rs.12 crore together helped boost the bottomline. The company ended Q1 with a net profit at Rs.135 crore, up 72% (QoQ) and up 52% (YoY). This was on a muted 6% (QoQ) and 15% (YoY) rise in net revenue at Rs.648 crore. The rise in net profit was much above expectations and it was mainly on account of the falling rupee, advantage of which we might see in current Q2 too.