Tech Mahindra Rallies After Q1 Results; Wipro, CEAT Fall

Tech Mahindra share price rose 3% after the company reported a strong performance for the June quarter. Consolidated net profit increased 31.7% year-on-year to ₹1,486.3 crore, while revenue grew 17.7% to ₹15,711.9 crore.

Invest in Indian Markets and Unlock Future Potential With 5paisa!

Open Account Now

Dollar revenue rose 6.1% year-on-year to $1.66 billion. The company’s performance placed the Tech Mahindra share price among the key stocks in focus during the session.

Wipro Share Price Declines After Mixed Q1 Numbers

Wipro share price fell 2% after the IT services company reported a mixed set of June-quarter results. IT services revenue increased 10.7% year-on-year to ₹24,452.9 crore, while dollar revenue rose 1% to $2.61 billion.
The company’s IT services operating margin, however, declined 130 basis points to 16%. The margin contraction remained a key factor behind the movement in the Wipro share price.

Servotech Renewable Power System Gains 5%

Shares of Servotech Renewable Power System advanced 5% after the company secured an order for a 900 kW solar rooftop project across 12 locations from the Rural Development Department of Uttar Pradesh.

The order is expected to add to the company’s project pipeline and was among the corporate developments drawing attention in the renewable energy segment.

CEAT Share Price Drops 8% On Profit Decline

CEAT share price declined 8% after the tyre manufacturer reported a sharp fall in June-quarter profit despite strong revenue growth.

Consolidated net profit plunged 96.4% year-on-year to ₹4 crore, compared with ₹112 crore in the year-ago period. Revenue, meanwhile, increased 22.4% to ₹4,318 crore. The company also reported an exceptional loss of ₹7 crore, compared with ₹3 crore a year earlier.

Piramal Finance Share Price Falls 4%

Piramal Finance share price declined 4% even as the company reported strong year-on-year growth in its June-quarter financial performance.

Net profit jumped 66.8% to ₹461 crore, while revenue increased 27.6% to ₹3,368.3 crore. The stock movement came despite the reported improvement in both profit and revenue.

PC Jeweller Share Price Slips 5%

PC Jeweller share price fell 5% after the company’s board approved a plan to raise up to ₹1,000 crore through a Qualified Institutions Placement (QIP). The equity issue may be conducted in one or more tranches.
The fundraising announcement added PC Jeweller to the list of stocks in focus as investors assessed the implications of the proposed capital raise.

With June-quarter earnings continuing to drive company-specific moves, Tech Mahindra, Wipro, CEAT, Piramal Finance, PC Jeweller and Servotech Renewable Power System are likely to remain on the radar as investors assess financial results and corporate announcements.

Tech Mahindra came out to be one of the biggest gainer, riding on its strong June quarter numbers, while Wipro and CEAT faced pressure on earnings reports.