NEW DELHI: Shares of KPIT Technologies found their wings again on Wednesday after the company reported it March quarter numbers. The stock had corrected after hitting a high in January this year.
The company said its consolidated net profit increased to Rs 80.60 crore from Rs 52.75 crore a year ago, a jump of 53 per cent. The revenue of the company also rose to Rs 665 crore from Rs 547 crore, up 22 per cent.
The stock moved up nearly 13 per cent to Rs 585. Though, it still trades way below Rs 800 it hit early in the year.
Disappointment?
The story with mutual fund companies in last couple of year has been that they are getting huge amount of money from investors. Logically, that should mean that asset management companies would earn more. But apparently that is not the case for everyone.
UTI Mutual Fund said its March quarter profit slid to Rs 75 crore from Rs 113 crore in the same quarter last year. This was despite its revenues increased by a decent amount.
Consequently, the stock declined over 7 per cent.
Big Order
Meanwhile, orders continue to rain for infra companies as the government push for better infrastructure gathers pace. Dilip Buildcon, which builds roads, on Wednesday said it received an order worth Rs 976 crore.
Dilip Buildcon was declared as the L-1 bidder for a new HAM (hybrid annuity mode) project under THE Mehgama-Hansdiha section in the state of Jharkhand. It involves four laning of Mehgama-Hansdiha section of NH-133 of length 52 kilometres.
The company needs to complete the project in 24 months, while the operation period will be 15 years.
Following the update, the stock climbed nearly 3 per cent.
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