Tech Mahindra lost 0.4% to Rs 1900 at 11:26 IST on BSE, with the stock sliding amid volatility after the company and Informatica Corporation announced an expansion of their decade-long strategic association.
The announcement was made after market hours on Thursday, 5 June 2014.
Meanwhile, the S&P BSE Sensex was up 215.30 points or 0.86% at 25,234.81.
On BSE, so far 21,000 shares were traded in the counter as against average daily volume of 82,005 shares in the past one quarter.
The stock was volatile. The stock lost as much as 1.39% at the day's low of Rs 1881.10 so far during the day. The stock rose as much as 0.8% at the day's high of Rs 1923 so far during the day. The stock hit a 52-week high of Rs 1,936.35 on 6 March 2014. The stock hit a 52-week low of Rs 910 on 6 June 2013.
The stock had underperformed the market over the past one month till 5 June 2014, advancing 4.72% compared with Sensex's 11.47% rise. The scrip had also underperformed the market in past one quarter, gaining 0.32% as against Sensex's 17.59% rise.
Also Read
The large-cap company has equity capital of Rs 233.62 crore. Face value per share is Rs 10.
Tech Mahindra and Informatica Corporation (Informatica) in a joint statement said that the already established global alliance now brings further value to customers through its new data management services. Customers will benefit extensively from Tech Mahindra's rich experience in data management services, along with Informatica's cutting-edge data integration solutions, the company said. Together, the two companies will play a critical role in taking data management beyond the domain of special IT projects and making it business-as-usual through data-fueled applications.
Further, Tech Mahindra and Informatica announced plans for joint investments in developing solutions at Tech Mahindra Research Centers in Pune, Bangalore and Hyderabad.
L. Ravichandran, chief operating officer (Telecom), Tech Mahindra, said, "We are excited about this strategic offering with Informatica in the data management space. This offering comes at an appropriate time when organizations have started moving toward being data driven. There is a tremendous potential for this unique offering, and we're confident that Informatica and Tech Mahindra's customers will reap extensive value from these offerings. We consider these offerings as key enablers to achieve our Mission 2015."
Anil Chakravarthy, executive vice president and chief product officer, Informatica, said, "The relationship between Tech Mahindra and Informatica brings together two technology leaders who share a vision for helping our mutual customers gain a competitive advantage from their data. With this expanded alliance, the two companies will build on our individual strengths - Tech Mahindra's rich experience in IT services and Informatica's differentiated technology offerings, including the Intelligent Data Platform. Together, we are focused on building and delivering solutions and services that are the foundational elements for the deep insight necessary to make the promise of flexible IT and agile business a reality."
Informatica Corporation is the world's number one independent provider of data integration software.
On consolidated basis, Tech Mahindra's net profit declined 39.17% to Rs 614.21 crore on 3.25% growth in net sales to Rs 5058.11 crore in Q4 March 2014 over Q3 December 2013.
Tech Mahindra offers information technology services and solutions.
Powered by Capital Market - Live News