Tech Mahindra gains after securing contract from Bombardier

Tech Mahindra rose 1.23% to Rs 576.65 at 9:19 IST on BSE after the company announced securing a contract to provide digital solutions to Bombardier.

The announcement was made after market hours yesterday, 5 October 2015.

Meanwhile, the S&P BSE Sensex was up 114.72 points or 0.43% at 26,900.27.

On BSE, so far 12,000 shares were traded in the counter as against average daily volume of 1.45 lakh shares in the past two weeks.

The stock hit a high of Rs 578.60 and a low of Rs 575 so far during the day.

As per the agreement with Bombardier Commercial Aircraft, Tech Mahindra will develop the Aircraft Ground Support System (AGSS) for Bombardier's Aircraft Health Management System (AHMS) for the C Series family of aircraft. The AGSS will facilitate real-time and post-flight recorded data management, fault notification and diagnostic reporting, Tech Mahindra and Bombardier said in a joint press release.

Tech Mahindra's consolidated net profit rose 43.2% to Rs 676 crore on 2.9% growth in revenue to Rs 6294 crore in Q1 June 2015 over Q4 March 2015.

Tech Mahindra is a specialist in digital transformation, consulting and business re-engineering solutions.

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