Shares of IT firm MindTree today soared over 12 per cent,defying a sluggish stock market,as the company posted over two-fold increase in net profit for the fourth quarter ended March 31.
After robust opening,the company’s shares gained further and rose 12 per cent to touch one-year high of Rs 547.50 on the BSE.
At the NSE,the stock surged 12.12 per cent to 52-week high of Rs 547.95.
MindTree yesterday posted over two-fold increase in Q4 net profit at Rs 68.9 crore,driven by strong growth in software services. had posted a net profit of Rs 32 crore in the year-ago period.
The income from software services increased over 34 per cent to Rs 525.7 crore during Q4,from Rs 391.2 crore in the same quarter of FY2010-11.
Rally in the stock outperformed the sluggish stock market,where the BSE benchmark Sensex was trading at 17,173.81,up 22.86 points at 1035 hours.