The shares of technology service provider Tata Elxsi witnessed significant gains on Wednesday after the company reported strong Q3 results.

At 12 pm, Tata Elxsi shares were trading at ₹2,256.90 on the BSE, up ₹179.80 or 8.66 per cent. It hit a 52-week high of ₹2,299.90.Tata Elxsi opened at ₹2,178.00 as against the previous close of ₹2,077.10.

The shares of the company were trading at ₹2,258.40 on the NSE, up ₹170.80 or 8.18 per cent.

It hit a 52-week high of ₹2,300.00 on the NSE. Shares opened at ₹2,150.25 as against the previous close of ₹2,087.60.

The company on Tuesday announced its results for the third quarter ended December 31, 2020.

Also read: Tata Elxsi shares jump over 5% after Q2 earnings

It witnessed an all-round market growth during the quarter. India reported a Q-o-Q growth of 19.9 per cent . Americas reported a 15.9 per cent Q-o-Q growth while Europe reported a 6.2 per cent Q-o-Q growth aided by key automotive deal wins, the company said.

It earned ₹477.1 crore of revenue from operations, registering a growth of 10.9 per cent Q-o-Q and 12.7 per cent Y-o-Y. Its net profit for the quarter stood at ₹105.2 crore, reporting a growth of 33.3 per cent Q-o-Q and 39.5 per cent Y-o-Y.

“We are entering the fourth quarter and a new year with the reinforced confidence of a strong deal pipeline across markets and industries, and capabilities in product engineering, design and digital, that make our offerings more relevant and our market position stronger than ever before,” said Manoj Raghavan CEO and Managing Director, Tata Elxsi.

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