Tech Mahindra rises on the buzz of planning to set up 200-seater centre in Hungary.

   

Tech Mahindra Limited is an Indian multinational provider of information technology (IT), networking technology solutions and business support services (BPO) to the telecommunications industry. Tech Mahindra is a part of the Mahindra Group conglomerate. Anand Mahindra is the founder of Tech Mahindra. It is headquartered at Mumbai, India.
     The combined entity has 92,729 employees, servicing 540 customers across 49 countries. Tech Mahindra has operations in more than 30 countries with 17 sales offices and 13 delivery centres. Assessed at SEI CMMi Level 5, Tech Mahindra employs over 92,500 workers.The total headcount of the company at the end of August 1, 2014 stood at 92,729 out of which software professional headcount stood at 64,095 and BPO at 21,936.
     In a bid to expand its European delivery footprint, Tech Mahindra is reportedly planning to set up new 200-seater centre in Hungary. In this regard, the company has identified the capital city of Budapest to provide IT support to an expanding clientele in Eastern Europe.

     The company has already secured an anchor customer for its Budapest centre. In the first round of hiring, 50 new jobs will be created at the centre. The decision to setup the centre was also aided by the tax breaks that Tech Mahindra received from the government.

     For the last few quarters, the IT firm has been strengthening its presence in Europe, which accounts for about 31 percent of the company’s revenue. Business in Europe grew by about five percent sequentially in the quarter ended June 30, 2014.

     The promoters holding in the company stood at 36.15% while Institutions and Non-Institutions held 49.87% and 13.97% respectively.

     The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2198.05 on 28-Jul-2014 and a 52 week low of Rs. 1209.00 on 07-Aug-2013.

     Last one week high and low of the scrip stood at Rs. 2188.20 and Rs. 2026.55 respectively. The current market cap of the company is Rs. 51083.41 crore.

     Tech Mahindra is currently trading at Rs. 2167.00, down by 2.80 points or 0.13% from its previous closing of Rs. 2169.80 on the BSE.