Shares of IT firm MindTree today soared over 12%, defying a sluggish stock market, as the company posted over two-fold increase in net profit for the fourth quarter ended March 31.
After robust opening, the company's shares gained further and rose 12% to touch one-year high of Rs 547.50 on the BSE.
At the NSE, the stock surged 12.12% to 52-week high of Rs 547.95.
MindTree yesterday posted over two-fold increase in Q4 net profit at Rs 68.9 crore, driven by strong growth in software services. Had posted a net profit of Rs 32 crore in the year-ago period.
The income from software services increased over 34% to Rs 525.7 crore during Q4, from Rs 391.2 crore in the same quarter of FY11.
Rally in the stock outperformed the sluggish stock market, where the BSE benchmark Sensex was trading at 17,173.81, up 22.86 points at 10:35 am.
