Mindtree shares rise on strong Q4 results, new CEO appointment.
Shares of IT firm Mindtree rose as much as 2.4% on Monday after the company reported better-than-expected Q4 earnings. Strong quarterly performance and hopes from new CEO Srinivas Pallia’s leadership lifted investor sentiment.
At 10:10 am, Mindtree shares were trading 1.8% higher at Rs 460.60, leading gains in the Nifty IT index.
While Q4 results boosted, the stock is still down about 4% year-to-date. This contrastswith larger peers like Tata Consultancy Services, which have gained notably in 2022.
Analysts said Pallia, who took over as CEO last month, is seen as capable of driving a turnaround. His appointment has reinforced investor confidence during strategic transitions at Mindtree.
Although global macro challenges persist, the company’s strong deal wins and management stability have buoyed street view. The market will monitor Pallia’s guidance on arresting recent underperformance versus bigger rivals.
