Tech Mahindra gains on expansion in Vietnam

Tech Mahindra rose 1% to Rs 2,909.80 at 11:31 IST on BSE after the company said it inaugurated its Vietnam sales office in Hanoi to expand operations in the country and across the region.

The announcement was made during trading hours today , 5 March 2015.

Meanwhile, the BSE Sensex was up 56.66 points, or 0.19%, to 29,437.39.

On BSE, so far 7,603 shares were traded in the counter, compared with an average volume of 50,529 shares in the past one quarter.

The stock hit a high of Rs 2,912.40 and a low of Rs 2,881 so far during the day. The stock hit a 52-week high of Rs 2,998 on 2 February 2015. The stock hit a 52-week low of Rs 1,677.65 on 11 April 2014.

The stock had underperformed the market over the past one month till 4 March 2015, rising 0.97% compared with 1.72% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 7.56% as against Sensex's 2.86% rise.

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

Tech Mahindra announced that it has inaugurated its Vietnam sales office in Hanoi, bringing jobs, IT expertise and expand operations in the country and across the region.

Tech Mahindra has been working with customers in Vietnam since 2012 and has seen an uptick in the number of customers especially in the banking sector in the country, which include a fully state owned bank and other top commercial banks. Tech Mahindra has strong ecosystem in Vietnam consisting of leading product vendors and local partners, developing next-gen solutions for its customers in Vietnam, the company said in a statement.

On a consolidated basis, Tech Mahindra's 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.

Tech Mahindra is a specialist in digital transformation, consulting and business re-engineering solutions. It provides services to 674 global customers including Fortune 500 companies.

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