Mahindra Satyam gains after securing multi-year contract from Bridgestone

The announcement was made after market hours on Thursday, 6 June 2013.

Meanwhile, the S&P BSE Sensex was down 71 points or 0.36% at 19,448.49.

On BSE, 32,000 shares were traded in the counter as against average daily volume of 4.13 lakh shares in the past two weeks.

The stock hit a high of Rs 107.10 and a low of Rs 106.40 so far during the day.

Mahindra Satyam said it will work on SAP based mission critical applications for Bridgestone Europe. As a part of the deal, Mahindra Satyam will support Bridgestone in sales, planning procurement and finance functions, it said. No financial details were disclosed.

Sharat Kumar, Head - Delivery, Europe and Sr. Vice President, Mahindra Satyam said. "Bridgestone's selection truly endorses the fact that our foot print in Europe continues to be strong as a market leader. We are thankful to Bridgestone for having recognized the skills, commitment and delivery excellence of Mahindra Satyam as we continue our journey".

Joe O'Neill, IT Director, Bridgestone Europe said, "Bridgestone is delighted to be able to extend its multi year contract with Mahindra Satyam. We look forward to continuing to receive high level of professionalism and commitment in the services from Mahindra Satyam and its associates that we have experienced over the past 8 years".

Mahindra Satyam has been working with Bridgestone since 2005 in providing IT application development and support services.

At the end of FY 2013, 23% of Mahindra Satyam's total earnings came from Europe. Europe is also a key market for the company in terms of banking, aerospace and defense, sales domains.

Mahindra Satyam's consolidated net profit galloped 468% to Rs 454.12 crore in Q4 March 2013 over Q3 December 2012. Income from operations remained almost unchanged at Rs 1935.73 crore in Q4 March 2013 on sequential basis.

Mahindra Satyam is a global business consulting and information technology services company.

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