MphasiS BFL too feels the heat on bourses

DALAL STREET SPIKES

MphasiS BFL too tanked on slipping second quarter result. The stock was down 8 per cent in intra-day trades to a low of Rs 294, after the company reported a dip in net profits on sequential basis. The stock finally closed at Rs 300.15, down 7.72 per cent from its previous close.

The counter witnessed volumes of more than 3.34 lakh shares on BSE. MphasiS reported a sequential fall to Rs 31.51 crore for the second quarter ending September 2004 from Rs 35.28 crore in first quarter ended June 2004, a decline of 10.7 per cent.

The company reported a foreign exchange loss of Rs 1.65 crore in the second quarter as against a foreign exchange gain of Rs 4.44 crore during the same quarter last year.

The stock before Monday's crash rallied from Rs 290.60 on September 28 to yesterday's close of Rs 325.25, on the back of strong buying support in the tech sector stocks and in anticipation of strong second quarter results.