Shares of Tech Mahindra and Mahindra Satyam rose 1.82% to 2% at 10:08 IST on BSE after Mahindra Satyam said its partnership with Pegasystems has been extended to include Tech Mahindra.
The company made this announcement after market hours on Monday, 6 August 2012.
Mahindra Satyam (up 2% to Rs 89.30) and Tech Mahindra (up 1.82% to Rs 764.55) edged higher.
Meanwhile, the BSE Sensex was up 87.88 points or 0.5% to 17,500.84.
Shares of Mahindra Satyam outperformed the market over the past one month till 6 August 2012, surging 7.42% compared with the Sensex's 0.62% fall. The scrip had also outperformed the market in past one quarter, jumping 16.04% as against the Sensex's 3.46% rise.
Shares of Tech Mahindra outperformed the market over the past one month till 6 August 2012, surging 4% compared with the Sensex's 0.62% fall. The scrip had also outperformed the market in past one quarter, jumping 10.48% as against the Sensex's 3.46% rise.
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Mahindra Satyam said it has been in strategic partnership with Pegasystems since 2003 and has delivered hundreds of successful business transformation solutions leveraging Pega technology. The landscape of customers who have benefited from Pega solutions is spread globally across more than 15 industries, including Banking and Financial Services, Insurance, Healthcare, Retail, Energy, Utilities and Manufacturing, Mahindra Satyam said in a statement.
Commenting on the development, Sriram Krishnan, Sr. Vice President, Mahindra Satyam said, "This extended partnership will help us create new service offerings for Telco and enrich our existing services portfolio for non-Telco customers by leveraging the domain strengths of both the companies in the areas of multi-channel commerce, helping them enhance their customer experience".
Commenting on the development, Manish Vyas, Sr. Vice President, America Region, Tech Mahindra said, "This extended partnership with Pegasystems will ensure our customers will ride the wave at a time when the global telecom markets are undergoing a shift driven by technology changes and consumer behavior changes".
Commenting on the development, John Barone, Vice President of Global Strategic Alliances at Pegasystems said, "We are very pleased to be extending our alliance with Mahindra Satyam and Tech Mahindra. Tech Mahindra brings strong expertise in the telecommunications industry, which has been an area of rapid growth for Pega in recent years. We see the combination of their services and experience with our industry-leading solutions as a strong proposition for our clients".
Pegasystems is an industry leader in Business Process Management and Customer Relationship Management solutions.
Tech Mahindra's consolidated net profit fell 48% to Rs 74.69 crore on 2% decline in sales to Rs 1419.05 crore in Q4 March 2012 over Q3 December 2011. The company unveils Q1 June 2012 results on 9 August 2012.
Tech Mahindra is a leading provider of solutions and services to the telecommunications industry. The company serves telecom service providers, equipment manufacturers, software vendors and systems integrators.
Mahindra Satyam's consolidated net profit declined 34.05% to Rs 352.29 crore on 12.84% growth in net sales to Rs 1879.86 crore in Q1 June 2012 over Q4 March 2012.
Mahindra Satyam is a leading global business and information technology services company. The company's area of operations include enterprise solutions, supply chain management, client relationship management, business intelligence, business process quality, engineering and product lifecycle management, and infrastructure services. Mahindra Satyam development and delivery centers in the US, Canada, Brazil, the UK, Hungary, Egypt, UAE, India, China, Malaysia, Singapore, and Australia serve numerous clients, including many Fortune 500 organizations.
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