MindTree jumps after bagging deal from ING Vysya

MindTree rose 3.40% to Rs 1,012 at 15:15 IST on BSE after the company said it has been selected by ING Vysya as a strategic digital partner for its next generation mobility programme.

The company made the announcement after market hours on Thursday, 24 July 2014.

Meanwhile, the BSE Sensex was down 147.93 points, or 0.56%, to 26,123.92.

On BSE, so far 60,000 shares were traded in the counter, compared with an average volume of 20,243 shares in the past one quarter.

The stock hit a high of Rs 1,028 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 985 so far during the day. The stock hit a 52-week low of Rs 466.70 on 2 August 2013.

The stock had outperformed the market over the past one month till 24 July 2014, rising 8.71% compared with 3.56% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 36.83% as against Sensex's 14.84% rise.

The mid-cap technology services company has an equity capital of Rs 83.56 crore. Face value per share is Rs 10.

MindTree announced that it has been selected by ING Vysya, a premier private sector bank, as a strategic digital partner for its next generation mobility program. As part of this program Mindtree will help ING Vysya deliver multi-channel and multi-platform banking experience to its customers while creating a digital roadmap designed to help the bank penetrate untapped markets with a simple yet differentiated service.

The first phase of the engagement saw Mindtree conceptualize, design and develop a retail banking hybrid mobile application to drive efficiency and engagement across multiple channels including Android, Windows, BlackBerry, J2ME and Website based platforms. This application provides a comprehensive retail banking experience to customers. It brings exclusive features, such as multi balance meter, shopping and deals, gift cards and cheque scan making it more engaging and relevant to customers.

Aniruddha Paul, CIO, ING Vysya said, "Our digital roadmap will help us level the playing field with our larger competitors by creating innovative and path breaking solutions for our customers. We are glad to select Mindtree as one of our key Digital Partner. Their domain and technology expertise with a clear strategic intent is critical in our journey towards mobility. We see large opportunities in developing these kind of applications for the rest of our business."

Gaurav Johri, Senior Vice President and Head of Banking Financial Services and Insurance, Mindtree said, "ING Vysya has been our strategic client for over 9 years. It is imperative for banks to have a well thought digital strategy blueprint to enable rapid go-to-market and also provide superior customer experience. We are excited to partner with ING Vysya in its journey to be the industry leader in digital banking."

MindTree's net profit surged 31.5% to Rs 129.40 crore on 2.4% growth in revenue to Rs 843.50 crore in Q1 June 2014 over Q4 March 2014.

MindTree delivers technology services and accelerates growth for Global 1000 companies by solving complex business challenges with breakthrough technical innovations. MindTree specializes in e-commerce, mobility, cloud enablement, digital transformation, business intelligence, data analytics, testing, infrastructure, EAI and ERP solutions. The company is among the fastest growing technology firms globally with more than 200 clients and offices in 14 countries.

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