Tech Mahindra rose 1.48% to Rs 1,846.70 at 15:27 IST on BSE after the company announced a global alliance with Box, a premier member of the Box Services Partner Program.
The company made the announcement today, 24 March 2014.
Meanwhile, the BSE Sensex was up 302.99 points, or 1.39%, to 22,058.31.
On BSE, so far 79,000 shares were traded in the counter, compared with an average volume of 63,859 shares in the past one quarter.
The stock hit a high of Rs 1,848.90 and a low of Rs 1,812.70 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 895.25 on 21 May 2013.
The stock had underperformed the market over the past one month till 22 March 2014, sliding 1.47% compared with the Sensex's 5.09% rise. The scrip had also underperformed the market in past one quarter, falling 1.33% as against Sensex's 3.20% rise.
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The large-cap company has an equity capital of Rs 233.47 crore. Face value per share is Rs 10.
Tech Mahindra said the alliance enables enterprise customers to leverage Box's cloud based content collaboration solution as part of Tech Mahindra's Digital Enterprise Platform (DEP) for handling document centric processes.
There is an emerging new normal in enterprise IT as companies embrace the business benefits of mobile, cloud, social & bigdata technologies. Customers have embarked on their digitalization journey by implementing new solutions which combine superior user experience combined with enterprise grade security addressing the need for secure access anytime, anywhere, the company said in a statement.
"We are on the verge of global transformation. We need a major platform like DEP to build tomorrow's digital enterprise. The alliance with Box is a step towards Tech Mahindra's vision of building Future Proof and Future Ready Digital Enterprise Solutions," said Ashim Guha, Vice President Consulting & Enterprise Solutions, Tech Mahindra. "We are using Box internally to optimize document centric processes and will leverage our extensive expertise in Consulting, Data migration, Integration & Solution development to power the future Digital Enterprise for our customers".
"The cloud is transforming enterprise IT and fundamentally changing the way businesses operate, said Niall Wall, senior vice president, Business and Corporate Development of Box. "By partnering with leaders like Tech Mahindra, we can accelerate the pace of innovation for our customers transitioning to the cloud and introduce the Box platform to new global markets."
The alliance of Tech Mahindra and Box will help enterprise customers integrate their on-premise legacy systems like ERP, PLM, CRM with Box to enable seamless and content sharing across business processes, the company said.
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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