Tech Mahindra gains on teaming up with Premium Credit for IT Services

Tech Mahindra is currently trading at Rs. 1863.60, up by 9.85 points or 0.53% from its previous closing of Rs. 1853.75 on the BSE. The scrip opened at Rs. 1856.70 and has touched a high and low of Rs. 1872.30 and Rs. 1851.60 respectively. So far 6,440 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1936.35 on 06-Mar-2014 and a 52 week low of Rs. 910.00 on 06-Jun-2013. Last one week high and low of the scrip stood at Rs. 1872.30 and Rs. 1739.80 respectively. The current market cap of the company is Rs. 43,548.00 crore. The promoters holding in the company stood at 36.29% while Institutions and Non-Institutions held 48.80% and 14.91% respectively. Tech Mahindra, a specialist provider of connected solutions, has been selected by Premium Credit, the No.1 Insurance Premium Finance Company in the UK and Ireland, to deliver front and back office application services. Tech Mahindra will provide operational support and maintenance services, as well as development and implementation. It was selected because of its domain expertise in the insurance and financial services, and a strong local footprint. Tech Mahindra is a leading provider of solutions and services to the telecommunications industry with a majority stake owned by Mahindra & Mahindra. The company, since 2002 has operations in China with offices in Beijing, Shanghai, Nanjing and Guangzhou.