Tech Mahindra gains on inking JVA to form subsidiary in Saudi Arabia

03 Jul 2014

Tech Mahindra is currently trading at Rs. 2141.00, up by 37.05 points or 1.76% from its previous closing of Rs. 2103.95 on the BSE.

The scrip opened at Rs. 2105.15 and has touched a high and low of Rs. 2180.00 and Rs. 2105.15 respectively.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2180.00 on 03-Jul-2014 and a 52 week low of Rs. 965.30 on 03-Jul-2013.

Last one week high and low of the scrip stood at Rs. 2180.00 and Rs. 2050.05 respectively. The current market cap of the company is Rs. 50,182.00 crore.

The promoters holding in the company stood at 36.29% while Institutions and Non-Institutions held 48.80% and 14.91% respectively.

Tech Mahindra has inked a Joint Venture Agreement (JVA) with Midad Holding, which is a subsidiary of Al Fozan, a preeminent group with diversified business interest in Saudi Arabia.  The JV will be called ‘Tech Mahindra Arabia’. Tech Mahindra will have 51% ownership, while Midad will own 49% stake.

Headquartered in Al Khobar, Tech Mahindra Arabia will also have presence across other major cities in Saudi and will be functional post the regulatory approvals. The regional strength of Midad Holding and the global connectivity of Tech Mahindra will create a synergic value proposition for customer in the Kingdom of Saudi Arabia.

Tech Mahindra is a leading provider of solutions and services to the telecommunications industry with a majority stake owned by Mahindra & Mahindra. The company, since 2002 has operations in China with offices in Beijing, Shanghai, Nanjing and Guangzhou.

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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323