Nifty IT witness selling bias; Mindtree, HCL Tech stocks tumble post Q2 result

Stocks like Mindtree and HCL Tech were in focus, as they have announced their Q2 performance.

Oct 16, 2020 01:10 IST India Infoline News Service

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IT stocks were trading on a negative note with major tech companies announcing their financial performance for the quarter ending September 2020 (Q2FY21). At around 1.41 PM, Nifty IT was trading at 21,485.75 down 81.55 points or 0.38%. The index has touched the day's low of Rs21,247.55.

Stocks like Mindtree and HCL Tech were in focus, as they have announced their Q2 performance.

Mindtree was leading the underperformers list, by trading at Rs1,329.70 down 6.68%, followed by L&T Infotech at Rs3,137.60 per piece below 4.82%, Mphasis at Rs1,346.15 per piece lower by 3.99% and HCL Tech at Rs828.60 per piece down 3.65%.

Mindtree reported a consolidated net profit of Rs253.7cr in Q2FY21, compared to RS213cr in the previous quarter. Revenue stood at Rs1,926cr in the quarter under review.

Meanwhile, HCL Technologies has registered a net profit of Rs3,142cr for the quarter ending September 2020, beating street estimates. Furthermore, revenue in rupee terms stood at Rs18,594cr in the quarter under review, increasing by 4.2% from Rs17,841cr a year ago same period.

On the other hand, stocks like Wipro, TCS, Infosys and Tech Mahindra were among gainers. 

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