Tech Mahindra gains after block deals

Meanwhile, the BSE Sensex was up 29.24 points, or 0.15%, to 19,416.38.

On BSE, 34.96 lakh shares were traded in the counter as against an average daily volume of 67,320 shares in the past one quarter.

On NSE, 28.60 lakh shares were traded in the counter as against an average daily volume of 5.13 lakh shares in the past one quarter.

The stock hit a high of Rs 931.75 and a low of Rs 869.30 so far during the day. The stock had hit a 52-week high of Rs 1,043 on 1 October 2012. The stock had hit a 52-week low of Rs 537.20 on 13 December 2011.

The stock had underperformed the market over the past one month till 11 December 2012, falling 6.45% compared with the Sensex's 3.77% rise. The scrip had also underperformed the market in past one quarter, sliding 1.50% as against Sensex's 8.59% rise.

The large-cap IT company has an equity capital of Rs 127.76 crore. Face value per share is Rs 10.

A total of four block deals were executed in the stock in trade on BSE. One block deal of 15.52 lakh shares was executed at Rs 894.45 per share. Another block deal of 2 lakh shares was struck at Rs 880. A block deal of 2.08 lakh shares was struck at Rs 892.75 and another block deal of 1.06 lakh shares was executed at Rs 900.

According to media reports, British Telecommunications (BT) is selling its entire 9.10% stake in Tech Mahindra today, 12 December 2012. Shares are reportedly being sold at a floor price of Rs 855. The stock closed at Rs 878.40 on Tuesday, 11 December 2012.

As on 30 September 2012, BT held 1.16 crore shares, or 9.10% stake in Tech Mahindra.

Tech Mahindra's consolidated net profit declined 12.46% to Rs 296.30 crore on 5.7% growth in revenue from services to Rs 1631.40 crore in Q2 September 2012 over Q1 June 2012.

Tech Mahindra provides solutions and services to the telecommunications industry with a majority stake owned by Mahindra & Mahindra, in partnership with British Telecommunications plc. Tech Mahindra serves telecom service providers, equipment manufacturers, software vendors and systems integrators worldwide.

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