Mindtree lost 1.88% to Rs 1,442 at 9:50 IST on BSE after consolidated net profit declined 4.6% to Rs 150.90 crore on 3.9% growth in revenue to Rs 1214.50 crore in Q3 December 2015 over Q2 September 2015.
The result was announced after market hours yesterday, 18 January 2016.Meanwhile, the S&P BSE Sensex was up 140.53 points or 0.58% at 24,328.90.
On BSE, so far 14,000 shares were traded in the counter as against average daily volume of 22,000 shares in the past two weeks. The stock hit a high of Rs 1,499.90 and a low of Rs 1,424.30 so far during the day. The stock had hit a 52-week low of Rs 1,154.40 on 27 April 2015. The stock had hit a record high of Rs 1,605 on 24 September 2015. The stock had outperformed the market over the past one month till 18 January 2016, sliding 1.43% compared with Sensex's 5.22% fall. The scrip had also outperformed the market in past one quarter, rising 3.15% as against Sensex's 11.12% fall.
The large-cap company has equity capital of Rs 83.88 crore. Face value per share is Rs 10.
Mindtree's board of directors at its meeting held yesterday, 18 January 2016, recommended an issue of 1:1 bonus shares. The Board also recommended interim dividend of Rs 4 per share for the year ending 31 March 2016.
Mindtree after market hours yesterday, 18 January 2016, announced that it has signed a definitive agreement to acquire Magnet 360, a Salesforce Platinum consulting partner. Magnet 360 brings strong expertise across Salesforce Sales, Service and Marketing Cloud implementations, Mindtree said. Combined with Mindtree's established Salesforce practice, this acquisition positions the company for leadership in addressing the fast-growing cloud-based services market, the company said in a statement.
The deal is expected to be completed in Q4 March 2016. The total deal value is $50 million. It includes upfront payment of $37 million and earn out and additional payouts of up to $13 million over the next 2 years. Magnet 360 reported revenue (excludes revenue from discontinued operations) of $25 million in calendar year (CY) 2015.
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Separately, Mindtree after market hours yesterday, 18 January 2016, announced top-level organization changes effective 1 April 2016. The Board has announced the appointment of Rostow Ravanan as the CEO and Managing Director, and Krishnakumar Natarajan as the Executive Chairman. Subroto Bagchi steps down as Executive Chairman but continues on the Board as a non-executive director.
Mindtree is a global information technology consulting firm specializing in corporate IT services and solutions.
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