TCS, Polaris, LTI, MphasiS, KPIT Techno, Nucleus Software hit 52-week highs

Shares of information technology (IT) companies were trading higher for the second straight day on the bourses with Nifty IT index and S&P BSE IT index hit their respective fresh 52-week highs in otherwise range-bound market.

At 10:30 AM; the S&P BSE IT Index (up 0.74% at 10,769) and Nifty IT index (up 0.90% at 11,273) up nearly 1% as compared to a marginal 0.1% rise in the S&P BSE Sensex and Nifty 50 index.

Tata Consultancy Services (TCS), Polaris Consulting Services, MphasiS, LTI (L&T Infotech), KPIT Technologies and Nucleus Software Exports hit 52-week highs on the BSE.

Among the individual stocks, Polaris Consulting Services rallied 8% to Rs 329 in intra-day trade, after the company reported 75% year on year (y-o-y) jump in its consolidated net profit at Rs 72.3 crore in September quarter (Q2FY18).

Revenues stood at Rs 672 crore, registering 31.8% growth as compared to Q2FY17. In dollar terms, revenues stood at $104.4 million, a growth of 38.0% y-o-y and 21.4% quarter on quarter (q-o-q). On a constant currency basis, revenue increased by 38.0% y-o-y and 21.4% q-o-q.

EBITDA (earnings before interest, taxes, depreciation and amortization) margins during the quarter under review improved at 16.2% compared to 12.1% in Q2 FY17.

GET LIVE UPDATES ON MARKET