Tech Mahindra shares slip 7 percent


Tech Mahindra shares slip 7 percent
Bangalore: Tech Mahindra, an IT services company, ended the trading today at lower note with loss of 83.75 (7.38 percent). The company opened its stock today at Rs, 1,120.00, touched a day high of 1120 and low of 1,026.60. Overall 387,028 shares were traded throughout the day with current P/E ratio at 16.44. The stock touched 52-week high of 1,158.00 and low of 203.70. With 179,638 units of shares, SBI Magnum Midcap Fund holds the largest number of shares in Tech Mahindra. Tech Mahindra is an India-based company that provides information technology (IT) services and solutions to the global telecommunications industry. The company's solutions portfolio includes consulting, application development and management, network services, solution integration, product engineering, managed services, remote infrastructure management and business process outsourcing (BPO). The company's capabilities span across business support systems (BSS), operations support systems (OSS), network design and engineering, next generation networks, mobility, security consulting, testing and other areas. During the fiscal ended march 31, 2009, the company acquired Venturbay Consultants (VCPL). VCPL became wholly owned subsidiary of the Company as on March 19, 2009. As of July 6, 2009, Tech Mahindra had acquired approximately 31.04 percent of Mahindra Satyam's outstanding shares of common stock. Other IT services companies also ended the trading at lower note, with Infosys Technologies, Wipro, Patni Computer Systems and Subex slipping 1.37, 0.74, 3.45 and 2.30 percent, respectively. With 25 stock analysts currently following Tech Mahindra, the consensus recommendation is hold, while nine analysts recommended to buy the stock and three suggested to sell.