Tech Mahindra gains after launching Smart City solutions

Tech Mahindra rose 0.25% to Rs 2,914.60 at 12:35 IST on BSE after announcing the launch of best in class SDN and NFV based solutions suite to address the ever changing network scenarios and demands in building the smart cities.

The company made the announcement during market hours today, 4 March 2014.

Meanwhile, the BSE Sensex was up 204.55 points, or 0.69%, to 29,798.28.

On BSE, so far 28,248 shares were traded in the counter, compared with an average volume of 49,787 shares in the past one quarter.

The stock hit a high of Rs 2,937 and a low of Rs 2,670 so far during the day. The stock hit a record high of Rs 2,998 on 2 February 2015. The stock hit a 52-week low of Rs 1,677.65 on 11 March 2014.

The stock had underperformed the market over the past one month till 3 March 2015, falling 0.32% compared with 2.05% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 8.31% as against Sensex's 4.05% rise.

The large-cap IT company has an equity capital of Rs 240.10 crore. Face value per share is Rs 10.

Tech Mahindra said as per SDNCentral, global SDN-NFV spends is going to reach to $35 billion in 2018, with a growth rate of more than 20% through 2018. Tech Mahindra has established itself as a key player in the SDN-NFV space and offer vendor neutral system integration capabilities and highly scalable managed services to its customers. The new service offering comes from the Digital Enterprise Services (DES) unit of Tech Mahindra. The company said it continues its focus on building smart solutions for scalable Internet of Things.

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.

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