Mphasis Q1 revenue flat; stock up 8% on positive outlook

Mphasis, a mid-tier IT solutions provider, reported nearly flat sequential revenue growth in the quarter ended June but managed to expand its bottom line by nearly 3%. Shares of Mphasis surged over 8% intraday to a 52-week high of Rs 3,077.95 as the market reacted positively to the management’s upbeat commentary.