 "Tech Mahindra at 5-year high on signing multiyear contract with UBS")
Tech Mahindra has moved higher by 3.3% at Rs 1,218, extending its Tuesday’s 1% gain, after the company said it has signed an agreement with UBS Fund Services (Luxembourg) as the first client for its new platform, Tech Mahindra Managed Data Services (MDS).
The stock opened at Rs 1,172 and hit a high of Rs 1,222, its highest level since December 2007, on BSE. A combined 1.54 million shares have changed hands on the counter so far on BSE and NSE.
The said contract is for an initial five-year term. However, the company has not disclosed the financial details of the contract.
Under the agreement Tech Mahindra will provide UBS FSL with a fully managed service across four major areas of data management, namely securities reference data, pricing, corporate actions and tax data, the company said in a statement.
The stock opened at Rs 1,172 and hit a high of Rs 1,222, its highest level since December 2007, on BSE. A combined 1.54 million shares have changed hands on the counter so far on BSE and NSE.
The said contract is for an initial five-year term. However, the company has not disclosed the financial details of the contract.
Under the agreement Tech Mahindra will provide UBS FSL with a fully managed service across four major areas of data management, namely securities reference data, pricing, corporate actions and tax data, the company said in a statement.
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