Tech Mahindra surged 4.02% to Rs 971 at 11:21 IST on BSE on reports the company has bagged a $700-million contract from BT Group to improve its IT infrastructure.
On BSE, 1.09 lakh shares were traded in the counter. The scrip had an average daily volume of 85,582 shares in the past one quarter.
The stock hit a high of Rs 990 and a low of Rs 961 so far during the day. The stock had a 52-week high of Rs 1584.30 on 28 May 2008 and the stock hit a 52-week low of Rs 614.80 on 17 March 2008.
The mid-cap scrip had underperformed the market over the past one month till 15 May 2008, gaining 2.34% compared to the Sensex's return of 6.83%. It had outperformed the market in the past one quarter, rising 38.37% compared to Sensex's decline of 4.20%.
The company's current equity is Rs 121.44 crore. Face value per share is Rs 10.
The current price of Rs 971 discounts its Q3 December 2007 annualised EPS of Rs 64.77, by a PE multiple of 14.99.
BT is Tech Mahindra's largest client, accounting for nearly 60% of its business. In March 2008, Tech Mahindra signed a five-year deal with BT valued in excess of $350 million.
Tech Mahindra's net profit rose 8.57% to Rs 196.4 crore on 6.09% growth in net sale to Rs 911.6 crore in Q3 December 2007 over Q2 September 2007.
The company provides information technology (IT) services and solutions to the telecom sector. It provides a variety of services ranging from IT strategy and consulting to system integration, design, application development, implementation, maintenance and product engineering.