BUSINESS

Tech Mahindra among 288 stocks to hit 52-week high on BSE today

Despite slow trading action on Dalal Street amid weak global cues, Tech Mahindra stock on Thursday (15 December) hit a 52-week high of Rs 1,666.90 on BSE

Despite slow trading action on Dalal Street amid weak global cues, Tech Mahindra stock on Thursday (15 December) hit a 52-week high of Rs 1,666.90 on Bombay Stock Exchange (BSE). Today’s high comes a day after the stock shed over 1 per cent. Tech Mahindra share was today trading in green at Rs 1,651.65, up 0.5%. The benchmark S&P BSE Sensex was marginally up at 57,898, while NSE Nifty 50 was up just 0.3% at 17,230. Apart from Tech Mahindra, 287 other shares hit 52-week high on BSE today.

“Tech Mahindra managed to sustain around its 52-week highs in last few weeks despite market’s volatility amidst Omicron’s outbreak and Tech Mahindra has acquired US remote customer experience solutions provider Activus Connect for $62 million has also helped IT major to out-perform among technology stocks. The stock is trading firmly on its major resistance and likely to touch 2,000 in next few quarters owing to good numbers in Q3 along with positive global cues,” said Harsh Patidar, Senior Research Analyst, CapitalVia Global Research Limited.

Earlier this month, Tech Mahindra acquired 100% stake in Activus Connect, which provides work-at-home customer experience management solutions, for $62 million (about Rs 466 crore). “The acquisition will bolster Tech Mahindra’s capabilities in emerging workplace solutions and strengthen the end-to-end CX portfolio,” Tech Mahindra said in a statement.

Financials

For the quarter ended 30-09-2021, the company reported a consolidated total income of Rs 11,163.40 crore, up 6.47 % from last quarter total Income of Rs 10,484.90 crore. The company reported net profit after tax of Rs 1,341.70 crore in the latest quarter.

Incorporated in the year 1986, Tech Mahindra Ltd is a Large Cap company having a market cap of Rs 154805.20 crore, operating in the IT Software sector. Company’s key Products/Revenue segments include software services for the year Financial Year ending 31 March 2021.

Meanwhile, on National Stock Exchange (NSE), Borosil L, Websol Energy, Medicamen Bio, Nitco and Ginni Filaments stocks hit their fresh 52-week highs today while Vikas Multicorp(PP), SVP Global, Huhtamaki PPL and Nidan Laboratories And Healthcare Ltd. and others were among the stocks that touched their 52-week lows in Thursday’s session.

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