Tech Mahindra gains after forming a JV with Avion Systems

Tech Mahindra gained 0.7% to Rs 2,555.30 at 10:00 IST on BSE after the company announced that it has teamed-up with Avion Systems, to provide network design and engineering services to major communications service providers.

The company made announcement after market hours yesterday, 6 January 2015.

Meanwhile, the BSE Sensex was up 44.27 points, or 0.16%, to 27,031.73.

On BSE, so far 3,790 shares were traded in the counter, compared with an average volume of 44,924 shares in the past one quarter.

The stock hit a high of Rs 2,569.95 and a low of Rs 2,532 so far during the day. The stock hit a record high of Rs 2,741 on 21 November 2014. The stock hit a 52-week low of Rs 1,677.65 on 11 April 2014.

The stock of IT firm had outperformed the market over the past one month till 6 January 2015, falling 3.06% compared with 5.17% fall in the Sensex. The scrip had however underperformed the market in past one quarter, rising 0.6% as against Sensex's 1.58% rise.

Tech Mahindra has been chosen as a minority investor at global telecom technology firm, Avion Systems and the new joint venture will be called Avion Networks Inc. The joint venture aims to play a significant role as a strategic supplier of choice to the Carriers in the final deployment and management of current mobile networks and their planned transformation into the next-generation cloud enabled, virtual and software driven networks.

Tech Mahindra's net profit rose 14.09% to Rs 719.64 crore on 6.42% rise in total income to Rs 5545.46 crore in Q2 September 2014 over Q1 June 2014.

Powered by Capital Market - Live News