Tech Mahindra rose 2.12% to Rs 2,624.80 at 15:25 IST after the company announced the inauguration of the new IT block in Bhubaneswar, Odisha, adding to the existing block that houses 500 associates.
The company made the announcement during market hours today, 11 December 2014.
Meanwhile, the BSE Sensex was down 224.99 points, or 0.81%, to 27,606.11.
On BSE, so far 25,525 shares were traded in the counter, compared with an average volume of 46,551 shares in the past one quarter.
The stock hit a high of Rs 2,629.05 and a low of Rs 2,560 so far during the day. The stock hit a record high of Rs 2,741 on 21 November 2014. The stock hit a 52-week low of Rs 1,665 on 12 December 2013.
Shares of a IT firm had underperformed the market over the past one month till 10 December 2014, falling 2.52% compared with 0.16% fall in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 5.07% as against Sensex's 2.86% rise.
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The total capacity of the Tech Mahindra's Bhubaneswar facility with the addition of new building will be 1111 seats. The Chief Minister of Odisha Naveen Patnaik inaugurated the facility at a glittering function today, 11 December 2014, in the presence of various cabinet ministers and dignitaries from the state and leadership team from Tech Mahindra. The new building is based on modern architecture completely controlled through Integrated Building Management System.
Tech Mahindra has been delivering world-class and innovative services to some of their Fortune 100 clients through its Bhubaneswar Development Center. The company aims to recruit more people through local hiring, adding to its existing strong operations base in the region.
Speaking at the occasion, Chief Minister Shri Naveen Patnaik, Chief Minister, Odisha said, "I hope Tech Mahindra will continue to expand its growth and employment contribution from Bhubaneswar in future. I congratulate the management of Tech Mahindra and wish them all success in this endeavour."
"Tech Mahindra is present in Odisha since 1997 and we are over-whelmed to see the abundance of talent here. Our journey from being 25 associates in 1997 to 600 strong workforce has been eventful, and I'm thankful to the government of Odisha for its continued support," said CP Gurnani, MD & CEO, Tech Mahindra.
Tech Mahindra's net profit rose 14.09% to Rs 719.64 crore on 6.42% rise in total income to Rs 5545.46 crore in Q2 September 2014 over Q1 June 2014.
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