India's Mphasis slips after flagging caution in mortgage business

Mphasis

20/01/2023 04:55

** Shares of IT solutions provider Mphasis Ltd  MBFL.NS  fall as
much as 5.2% to 1,959.95 rupees - steepest intraday pct loss
since Oct. 21 
    ** Stock at lowest level since Jan. 10
    ** MBFL reported a 12.2% Y/Y increase in quarterly
consolidated revenue from operations to 35.06 bln rupees 
    ** Co said Q3 results were hit by a decline in mortgage
business; banking and financial segment accounted for 54% of
co's revenue this quarter 
    ** "There are cyclical headwinds due to market
hypersensitivity in our mortgage business with interest rate
movements," CEO Nitin Rakesh said in a statement 
    ** Co flagged in its Q4 outlook that uncertain macro
continues to have an impact on mortgage business 
    ** Nearly 473,000 shares traded as of 9:58 am IST, 1.1X the
30-day moving average 
 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com;))