Tech Mahindra rose 0.1% to Rs 2112.85 at 12:47 IST on BSE after the company today, 22 July 2014, announced its plans to significantly expand in Korea.
The announcement was made during market hours today, 22 July 2014.
Meanwhile, the BSE Sensex was up 227.15 points or 0.88% at 25,942.32.
On BSE, so far 8,944 shares were traded in the counter as against average daily volume of 81,080 shares in the past one quarter.
The stock was volatile. The stock rose as much as 0.48% at the day's high of Rs 2121 so far during the day. The stock lost as much as 0.43% at the day's low of Rs 2101.60 so far during the day. The stock had hit a 52-week low of Rs 1,132.45 on 22 July 2013. The stock had hit a record high of Rs 2,180 on 3 July 2014.
The stock had outperformed the market over the past one month till 21 July 2014, surging 5.12% compared with Sensex's 2.43% rise. The scrip had also outperformed the market over the past one quarter, jumping 19.06% as against Sensex's 12.96% rise.
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The large-cap company has equity capital of Rs 234.39 crore. Face value per share is Rs 10.
Commenting on the development, CP Gurnani, MD & CEO, Tech Mahindra said, "Korea's growth and rise encourages us to explore its potential to connect with the world market today. Our relationship with Korea goes back a long way through Mahindra Auto and we are committed to creating local infrastructure and knowledge base to address the needs of Korean businesses globalize their operations".
Tech Mahindra in Korea will offer an array of innovative solutions and consulting services focused on meeting the needs of customers in various industries such as manufacturing, auto, aerospace & defense, telecom, oil & gas, BFSI, healthcare, engineering services, device engineering, telecom and EBS, the company said in a statement.
Tech Mahindra will establish partnerships with local universities, business schools and trade bodies to enable creation of 300 jobs in the next three years, the company said.
Tech Mahindra said it aspires to be the largest Indian based system integrator in Korea by 2017. The company believes that localization is the key to achieve this target and plans to run as a local Korean company in partnership with a Korean conglomerate, Tech Mahindra said in a statement.
Dilip Sundaram, Senior Vice President and Country Director, Mahindra Korea said, "This plans by Tech Mahindra underscores the Group's commitment to the Korean market. This is a market that nobody can ignore and we look forward to further strengthening our partnership".
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. The company unveils Q1 June 2014 results on 31 July 2014.
Tech Mahindra offers information technology services and solutions.
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