After taking over scam-hit Satyam, Techn Mahindra has made many structural changes in the latter to turn it around.
The Nifty and Bank Nifty ended at record closing high of 7,913 and 15,865 respectively.
IT services firm Tech Mahindra on Thursday posted a 57.6 per cent growth in consolidated net profit at Rs 718.4 crore (Rs 7.18 billion) for the second quarter ended September 30, aided by growth across verticals especially retail, travel and logistics and uptick in demand from Europe.
Nifty snaps 10-day winning streak
With the advent of new banks, IT firms will get boostto their businesses.
The company's net profit went up 27% in December quarter, sequentially better than peers; core IT services up 33%..
The December quarter, generally a soft one for India's IT sector due to holidays and furloughs in certain sectors, is expected to be further affected because of currency volatility.
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India's export-oriented information technology outsourcing industry is perhaps more optimistic today about growth prospects than it was in the past five years.
The market players are expected to react to the better than expected factory output data for the month of August, which revealed that the industrial production grew by 6.4%.
The 30-share Sensex closed down 114 points at 28,622 and the 50-share Nifty ended down 37 points at 8,686.
Given their growth prospects and reasonable valuations, Mindtree, Hexaware and NIIT remain top picks of most analysts.
Markets in green tracking firm global cues.
A majority of India's billionaires gained wealth in the last one year in spite of the stock market decline.
T N Ninan lists a few David-Goliath encounters in the Indian markets, all of which make life interesting, though difficult if you are an investor looking for the next multi-bagger.
Shubham Kumar Gautam, son of a farmer and a Super 30 student, recounts how, in a journey laced with perseverance, grit and determination, he achieved what seemed impossible.
