Tech Mahindra gains after joining hands with IBM

Tech Mahindra rose 0.68% to Rs 2,800 at 13:00 IST on BSE after IBM and the company joined hands to accelerate global hybrid cloud adoption.

The company made announcement during market hours today, 24 February 2015.

Meanwhile, the S&P BSE Sensex was down 28.69 points or 0.1% at 28,946.42.

On BSE, so far 22,908 shares were traded in the counter as against average daily volume of 48,416 shares in the past two weeks.

The stock hit a high of Rs 2,807.20 and a low of Rs 2,783 so far during the day. The stock had hit a record high of Rs 2,998 on 2 February 2015. The stock had hit a 52-week low of Rs 1,677.65 on 11 April 2014.

The stock had outperformed the market over the past one month till 21 February 2015, falling 0.09% compared with 1.04% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 3.89% as against Sensex's 2.26% rise.

The large-cap IT firm has equity capital of Rs 240.02 crore. Face value per share is Rs 10.

IBM today, 24 February 2015, announced it has signed a strategic teaming agreement with Tech Mahindra. IBM will work with Tech Mahindra to build a platform for the development of cloud-based apps for its clients on Bluemix Dedicated, a single-tenant version of Bluemix.

Through this alliance, IBM will provide an open, flexible cloud environment to enable Tech Mahindra's developers to build cloud-native and cloud enabled applications with a scalable model. Tech Mahindra will train 5,000 of its own developers on how to build advanced apps on Bluemix for the hybrid cloud, a combination of public, private and on premise environments that link systems of record such as core banking and accounting systems with systems of engagement, such as mobile, situational and social apps.

The engagement will help Tech Mahindra build a skilled workforce who can work on services across a wide range of services including Cloud Migration Services, DevOps and Internet of Things. Tech Mahindra will now be able to develop applications for predictive analytics and that also draw on data from the Internet of Things (IoT) for clients in the automotive and manufacturing industry.

Tech Mahindra's consolidated net profit rose 11.9% to Rs 805.30 crore on 4.57% rise in total income to Rs 5799.27 crore in Q3 December 2014 over Q2 September 2014.

Powered by Capital Market - Live News