Tech Mahindra rose 0.91% to Rs 1797.30 at 12:33 IST on BSE after the company said it has launched its global development center with Alstom Transport, on the occasion of signing a 3 year partnership agreement with Alstom.
The announcement was made during trading hours today, 12 March 2014.
Meanwhile, the S&P BSE Sensex was up 14.13 points or 0.06% at 21,840.55.
On BSE, so far 33,000 shares were traded in the counter as against average daily volume of 89,000 shares in the past two weeks.
The stock was volatile. The stock rose as much as 1.5% at the day's high of Rs 1807.90 so far during the day. The stock lost as much as 0.23% at the day's low of Rs 1777 so far during the day.
Tech Mahinclia today, 12 March 2014, announced the launch of its global development center with Alstom Transport, a world leading manufacturer of Rail Technology, on the occasion of signing a 3 year partnership agreement with Alstom. The relationship comes on the context of growing need for mature regional partners capable of providing efficient vertical integration capabilities from Engineering to Manufacturing on Rolling Stock interior field, Tech Mahindra said in a statement.
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Tech Mahindra said that the partnership is a result of months of progressive demonstration from the company on the ability and motivation to engage in high value added Engineering activities. The development center will cover primarily engineering activities focused on concept to prototype build, the company said. Mahindra group brings in the necessary ecosystem to provide the sourcing and manufacturing support so as to integrate various life cycle functions as a one stop solution, Tech Mahindra said in a statement.
Karthikeyan Natarajan, Global Head, Integrated Engineering Solutions, Tech Mahindra said, "We are delighted to collaborate with Alstom to offer end-to-end Engineering Services from design to manufacturing. The global development center enables us to accelerate joint development of integrated engineering solutions that deliver unique value to our customers".
Pierre Gosset, Engineering Vice President, Rolling Stock and Components, at Alstom Transport said, "Tech Mahindra is primarily partnering with our newly created Interiors Centre of Excellence to provide us with innovative, end-to-end integrated engineering solutions on Interiors commodity. This partnership shall further increase our flexibility and competitiveness on this key area. This is also a further step of our Engineering ramp-up in India".
Alstom Transport develops and markets the most complete range of systems, equipment and services in the railway sector.
Tech Mahindra's consolidated net profit jumped 40.55% to Rs 1009.52 crore on 2.66% growth in net sales to Rs 4898.55 crore in Q3 December 2013 over Q2 September 2013.
Tech Mahindra is a leading provider of solutions and services to the telecommunications industry, majority stake owned by Mahindra & Mahindra. The company serves telecom service providers, equipment manufacturers, software vendors and systems integrators.
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