Tech Mahindra rose 0.93% to Rs 2024 at 14:16 IST on BSE after the company and HPS today, 11 June 2014, announced that they have entered into a global services alliance agreement.
The announcement was made during market hours today, 11 June 2014.
Meanwhile, the S&P BSE Sensex was down 121.82 points or 0.48% at 25,461.87.
On BSE, so far 95,000 shares were traded in the counter as against average daily volume of 81,712 shares in the past one quarter.
The stock hit a high of Rs 2047.90 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 2013 so far during the day. The stock hit a 52-week low of Rs 923.40 on 11 June 2013.
The stock had outperformed the market over the past one month till 10 June 2014, surging 13.11% compared with the Sensex's 11.26% rise. The scrip had, however, underperformed the market in past one quarter, jumping 11.44% as against Sensex's 16.64% rise.
The large-cap company has equity capital of Rs 233.62 crore. Face value per share is Rs 10.
Tech Mahindra and HPS, today, 11 June 2014, announced that they have entered into a global services alliance agreement. HPS is a market leading provider of mission-critical solutions to the cards and payments industry. HPS' flagship PowerCARD payments technology will now be available to Tech Mahindra's customers worldwide. The alliance will enable Tech Mahindra's financial institutions and payment processing customers of all sizes to improve their cards and payment businesses by replacing legacy hardware and software with a single, flexible and cost processing effective platform, Tech Mahindra and HPS said in a combined statement.
Niraj Vedwa, Global Head - Banking, Payments and Cards, Tech Mahindra said, "Our mission is to deliver highest quality products, solutions and services to our existing and future customers that add value to their businesses and customers. HPS is undoubtedly the leader in payments software and this strategic partnership is extremely important for our market strategy and value proposition as it allows us to introduce a world-class payments processing platform to our customer base around the world".
Abdeslam Alaoui, MD, HPS said, "Tech Mahindra benefits from a truly global network, and its expansion plans are very much in line with our own strategy. The collaboration between HPS and Tech Mahindra has been excellent and HPS will continue working with Tech Mahindra to deliver modernization programs in electronic payment for any financial institution that is looking to win market share or escape the technology legacy trap and we look forward to working with Tech Mahindra closely".
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.
Tech Mahindra offers information technology services and solutions.
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