Tech Mahindra rises on the buzz of planning to set up 200-seater centre in Hungary

05 Aug 2014

Tech Mahindra is currently trading at Rs. 2172.00, up by 2.20 points or 0.10% from its previous closing of Rs. 2169.80 on the BSE.

The scrip opened at Rs. 2169.00 and has touched a high and low of Rs. 2180.50 and Rs. 2157.35 respectively. So far 11630 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2198.05 on 28-Jul-2014 and a 52 week low of Rs. 1209.00 on 07-Aug-2013.

Last one week high and low of the scrip stood at Rs. 2188.20 and Rs. 2026.55 respectively. The current market cap of the company is Rs. 51083.41 crore.

The promoters holding in the company stood at 36.15% while Institutions and Non-Institutions held 49.87% and 13.97% respectively.

In a bid to expand its European delivery footprint, Tech Mahindra is reportedly planning to set up new 200-seater centre in Hungary. In this regard, the company has identified the capital city of Budapest to provide IT support to an expanding clientele in Eastern Europe.

The company has already secured an anchor customer for its Budapest centre. In the first round of hiring, 50 new jobs will be created at the centre. The decision to setup the centre was also aided by the tax breaks that Tech Mahindra received from the government.

For the last few quarters, the IT firm has been strengthening its presence in Europe, which accounts for about 31 percent of the company’s revenue. Business in Europe grew by about five percent sequentially in the quarter ended June 30, 2014.

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Tech Mahindra Share Price

969.15 0.90 (0.09%) Mar 05, 13:39
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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323

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