Mindtree shares zoom 10% after Q4 earnings; IT major anticipates softness in demand ahead due to COVID-19 pandemic
Shares of IT firm Mindtree on Monday rallied 10 percent after the company reported 3.9 percent rise in consolidated net profit for March 2020 quarter
New Delhi: Shares of IT firm Mindtree on Monday rallied 10 percent after the company reported 3.9 percent rise in consolidated net profit for March 2020 quarter.
The scrip zoomed 9.99 percent to Rs 858.75 on the BSE.
On the NSE, it jumped 9.99 percent to Rs 858.35.
After market hours on Friday, Mindtree reported 3.9 percent rise in consolidated net profit to Rs 206.2 crore for March 2020 quarter, and said it anticipates softness in demand ahead as clients defer spending due to COVID-19 pandemic.
The Bengaluru-based company had posted a net profit of Rs 198.4 crore in the same period last year.
Its revenue grew 11.5 percent to Rs 2,050.5 crore in the quarter under review from Rs 1,839.4 crore in the year-ago period.
"Looking ahead to fiscal 2021, we anticipate softness in demand due to the unprecedented COVID-19 pandemic,” Mindtree Chief Executive Officer and Managing Director Debashis Chatterjee said.
However, the company is well equipped to handle the global crisis based on the business continuity plan we have successfully implemented to ensure the health and safety of our employees while fully supporting our clients worldwide, he added.
Mindtree's board of directors has recommended a final dividend of Rs 10 per equity share for the financial year ended 31 March, 2020, subject to the approval of shareholders at the 21st annual general meeting.
Already delayed by 12 months because of the pandemic, the Copa America nearly unravelled when original co-hosts Colombia and Argentina fell through at the last minute — the former because of violent anti-government protests, the latter because of a surge of COVID-19.
Los Angeles Philharmonic to return to Walt Disney Concert Hall after closure due to COVID-19 pandemic
The 2021/22 season was announced on 22 June by Music and Artistic Director Gustavo Dudamel and executives of the LA Philharmonic.
COVID-19 precautions mean visitors will not be allowed to touch the shining marble mausoleum, an Archaeological Survey of India official said