Tech Mahindra rose 3.06% to Rs 1,332 at 13:08 IST on BSE after the company announced its entry into the higher education sector with the inauguration of a premier engineering institution named Mahindra Ecole Centrale.
The announcement was made during trading hours today, 20 September 2013.
Meanwhile, the S&P BSE Sensex was down 408.44 points or 1.98% at 20,238.20.
On BSE, 83,000 shares were traded in the counter as against average daily volume of 1.51 lakh shares in the past one quarter.
The stock hit a high of Rs 1,342 and a low of Rs 1,285 so far during the day. The stock hit a 52-week high of Rs 1,434.30 on 3 September 2013. The stock hit a 52-week low of Rs 865.25 on 7 December 2012.
The stock had underperformed the market over the past one month till 19 September 2013, sliding 0.1% compared with the Sensex's 12.78% rise. The scrip had, however, outperformed the market in past one quarter, jumping 27.63% as against Sensex's 7.28% rise.
The large-cap company has equity capital of Rs 232.39 crore. Face value per share is Rs 10.
Mahindra Ecole Centrale (MEC) is the maiden venture of Tech Mahindra's 100% subsidiary Mahindra Educational Institutions. Tech Mahindra said that its new premier engineering institute will be in collaboration with Ecole Centrale Paris, one of the oldest and most prestigious engineering institutions in France, and Jawaharlal Nehru Technological University (JNTU) Hyderabad, a premier institution with academic and research oriented courses.
Vineet Nayyar, Executive Vice Chairman, Tech Mahindra said, "It is a proud moment for us to have launched Mahindra Ecole Centrale today. Tech Mahindra enjoys a leadership position and operates in various industry segments. We recognize the critical need to transform engineering talent into business leadership, in a globalized world. Mahindra Ecole Centrale will provide apprenticeship with collaboration from the industry, focus on humanities, international exposure and allied education to develop a 'whole-brain-approach' to business."
Tech Mahindra's consolidated net profit rose 8% to Rs 686.30 crore on 9% growth in sales from services to Rs 4103.20 crore in Q1 June 2013 over Q4 March 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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