Mphasis shares fall 3% post its Q3 numbers; Morgan Stanley remains overweight
The IT company posted a 5.6 percent year-on-year (YoY) increase in consolidated profit to Rs 293.6 crore for Q3 FY20
February 07, 2020 / 11:59 AM IST
Shares of Mphasis fell almost 3 percent in early trade on February 7 and looked on course to break its winning run of the last three consecutive sessions.
The stock came under pressure despite the company reporting a decent set of numbers for the December quarter on February 6.
The IT company posted a 5.6 percent year-on-year (YoY) increase in consolidated profit to Rs 293.6 crore for Q3 FY20.
Total income increased 14.4 percent year-on-year to Rs 2,312.8 crore.
Global wealth management firm Morgan Stanley termed the numbers 'strong'. It is overweight on the stock with a target price of Rs 1,090.
Shares of Mphasis traded 1.47 percent down at Rs 929 on the BSE around 11:35 hours.Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.