Tech Mahindra Ltd.

Tech Mahindra is currently trading at Rs. 557.95, up by 22.25 points or 4.15% from its previous closing of Rs. 535.70 on the BSE.

The scrip opened at Rs. 539.00 and has touched a high and low of Rs. 563.75 and Rs. 536.00 respectively. So far 161857 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 581.95 on 28-Sep-2015 and a 52 week low of Rs. 407.50 on 29-Feb-2016.

Last one week high and low of the scrip stood at Rs. 563.75 and Rs. 465.05 respectively. The current market cap of the company is Rs. 54504.28 crore.

The promoters holding in the company stood at 36.44%, while Institutions and Non-Institutions held 49.15% and 14.34% respectively.

Tech Mahindra, a specialist in digital transformation, consulting and business re-engineering, has entered into an agreement to acquire Target Group, one of the leading processing platform companies in the UK. The transaction is expected to close in Q2 FY17, subject to the receipt of regulatory approvals. The acquisition strengthens Tech Mahindra’s BFSI practice by access to IP and  platform which helps automate end-to-end processes in the lending, investments and insurance market.

The acquisition will enhance Tech Mahindra’s capabilities and allow Tech Mahindra to capture a larger share of the GBP 45-60 billion annual spend by UK BFSI companies on software and services. Tech Mahindra intends to leverage its global footprint and enhance the platform to service other markets.

The acquisition is in line with Tech Mahindra's strategy of expanding its Fintech capabilities and adding IP and platforms to drive non linearity and play aggressively in the BFSI sector. Target Group’s proprietary platform automates complex and critical processing, servicing and administration of loans, investments and insurance. The platform helps deliver high quality services with built in compliance in a highly complex and regulated environment. Its capabilities are easily transferrable to new markets.

Headquartered in the UK, Target Group has about 740 employees and a strong client franchise, including leading financial institutions such as Goldman Sachs, Morgan Stanley and Credit Suisse, specialist lenders such as Shawbrook and mutual organisations, such as Yorkshire Building Society.