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India's Tata Technologies gains on strong quarterly profit

By Reuters News16 hours ago Updated

** Shares of India's Tata Technologies TATE.NS rise 8.1% to 806.05 rupees
** Stock on highest intraday percentage gain since August 7
** Stock on track for five straight sessions of gains

** Indian software co says Q2 consolidated revenue rose 28.4% Y/Y to 16.99 billion rupees ($178.56 million)
** Co's consolidated net profit rose to 1.71 billion rupees from 1.66 billion rupees a year ago
** TATE expects double-digit growth for full year helped by robust demand, ongoing program ramp-ups, and healthy pipeline conversion

** Ambit Capital expects growth to continue driven by large deal wins but cites weakness in European automotive demand and customer concentration reduction as key risks

** Stock up 17.93% YTD

($1 = 95.1500 Indian rupees)

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