Tech Mahindra hits 52-week high

Tech Mahindra rose 1.58% to Rs 1,581.30 at 11:07 IST on BSE, with the stock extending recent gains.

Meanwhile, the BSE Sensex was down 123.18 points, or 0.6%, to 20,484.36

On BSE, 49,577 shares were traded in the counter compared with average volume of 1.73 lakh shares in the past one quarter.

The stock hit a 52-week high of Rs 1,592 in intraday trade today, 15 October 2013. The stock hit a low of Rs 1,562.15 so far during the day. The stock hit a 52-week low of Rs 865.25 on 7 December 2012.

The stock had outperformed the market over the past one month till 14 October 2013, rising 20.80% compared with the Sensex's 4.43% rise. The scrip had also outperformed the market in past one quarter, gaining 38.78% as against Sensex's 3.25% rise.

The large-cap company has an equity capital of Rs 232.42 crore. Face value per share is Rs 10.

Shares of Tech Mahindra are on a roll recently, with the stock gaining 9.8% in five trading days from a recent low of Rs 1,440.20 on 8 October 2013. The Reserve Bank of India (RBI) on Monday, 14 October 2013 enhanced the limit for foreign institutional investors (FIIs) to invest up to 45% of the paid-up capital of Tech Mahindra. This limit was revised from the earlier limit of 35% of the paid-up capital of the company under the Portfolio Investment Scheme (PIS). FIIs owned 32.59% stake in the company, while promoters holding stood at 36.46% (as at 30 September 2013).

Tech Mahindra's consolidated net profit rose 8% to Rs 686.30 crore on 9% growth in sales from services to Rs 4103.20 crore in Q1 June 2013 over Q4 March 2013.

Tech Mahindra is a leading provider of solutions and services to the telecommunications industry, majority stake owned by Mahindra & Mahindra. The company serves telecom service providers, equipment manufacturers, software vendors and systems integrators.

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