Tech Mahindra surges on launching internal social networking site

Tech Mahindra is currently trading at Rs. 2653.00, up by 26.90 points or 1.02% from its previous closing of Rs. 2626.10 on the BSE. The scrip opened at Rs. 2650.00 and has touched a high and low of Rs. 2659.95 and Rs. 2624.65 respectively. So far 19240 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2690.00 on 14-Nov-2014 and a 52 week low of Rs. 1643.30 on 21-Nov-2013. Last one week high and low of the scrip stood at Rs. 2690.00 and Rs. 2573.10 respectively. The current market cap of the company is Rs. 62429.80 crore. The promoters holding in the company stood at 35.99% while Institutions and Non-Institutions held 50.27% and 13.74% respectively. Tech Mahindra has launched an internal social networking site, to aid communication and collaboration with its nearly 1 lakh employees, and is looking to pitch the platform to customers in the next few months. Enterprise social networking has boomed over the last few years, as companies look to gain the benefits of internal collaboration without the danger of proprietary information being leaked onto public social networking platforms. Tech Mahindra’s move mirrors that of Tata Consultancy Services, which built its internal social networking platform called ‘Knome’, and is also marketing it to clients. 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.