News Analysis

Tech Mahindra inches up on entering into strategic partnership with Rackspace

Updated on 12 July 2019 11:04 AM

Tech Mahindra is currently trading at Rs. 665.80, up by 3.75 points or 0.56% from its previous closing of Rs. 665.60 on the BSE.

The scrip opened at Rs. 666.00 and has touched a high and low of Rs. 672.60 and Rs. 665.10 respectively. So far 26782 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 846.00 on 02-May-2019 and a 52 week low of Rs. 612.50 on 26-Jul-2018.

Last one week high and low of the scrip stood at Rs. 685.00 and Rs. 658.20 respectively. The current market cap of the company is Rs. 64432.17 crore.

The promoters holding in the company stood at 35.87%, while Institutions and Non-Institutions held 50.64% and 13.49% respectively.

Tech Mahindra has entered into strategic partnership with Rackspace, which will enable cross-selling to the Tech Mahindra customer base, joint product and services offerings, and improvements to Rackspace’s internal business applications and processes.

With this partnership, Rackspace will execute a new go-to-market commercial model and benefit from improvements and efficiencies to the management of business applications and processes. Partnering with Tech Mahindra will help Rackspace enable more customers close the gap between the complex reality of today and the promise of tomorrow, accelerating the value of the cloud during every phase of their digital transformation.

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.