Tech Mahindra rose 0.69% to Rs 623.50 at 10:00 IST on BSE after company said Ontario Ministry of Energy and the company invested in innovative Smart Grid solution powered by analytics.
The announcement was made after market hours yesterday, 19 May 2015.
Meanwhile, the S&P BSE Sensex was up 207.87 points or 0.75% at 27,853.40.
On BSE, so far 6,372 shares were traded in the counter as against average daily volume of 3.35 lakh shares in the past one quarter.
The stock hit a high of Rs 625.45 and a low of Rs 620.05 so far during the day. The stock had hit a record high of Rs 749.50 on 2 February 2015. The stock had hit a 52-week low of Rs 432.05 on 20 May 2014.
The stock had underperformed the market over the past one month till 19 May 2015, falling 3.39% compared with Sensex's 2.8% fall. The scrip had also underperformed the market in past one quarter, declining 12.49% as against Sensex's 6.17% fall.
The large-cap IT services provider has equity capital of Rs 480.68 crore. Face value per share is Rs 5.
Tech Mahindra announced that it will build an Intelligent Electric Vehicle Charging System (IEVCS) designed to help build Ontario's clean energy future. The project, sponsored by the Ministry of Energy and funded in part through the Ontario Smart Grid Fund initiative, will analyze the effects of electric vehicle charging on transformers by creating a real time transformer monitoring and analytics solution. The key benefit of the solution is the real time monitoring of the transformers and the ability to automatically manage the charging between vehicles to ensure the transformers do not overload as a result of EV charging.
This innovation will use cutting edge techniques in data sciences and embedded systems for the smart grid industry. The highly customizable and scalable platform is set to help utilities reduce their total operating cost.
During the two-year project, Tech Mahindra, along with its partners, will develop and design a reliable distribution system for electric vehicles. This system will manage the load profiles of participant EV's by queuing their charging to prevent transformer overloading, while keeping participants' information private.
Tech Mahindra's IEVCS project comes at a time when the company is actively promoting new ideas and technologies. In February 2015, Tech Mahindra announced plans to invest $150 million over the next three to four years to create innovative solutions and develop next-generation technologies
Tech Mahindra's consolidated net profit rose 11.9% to Rs 805.30 crore on 4.57% rise in total income to Rs 5799.27 crore in Q3 December 2014 over Q2 September 2014.
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