Tech Mahindra rises on entering into collaboration deed to form Joint Venture with TONOMUS
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The scrip opened at Rs. 1205.50 and has touched a high and low of Rs. 1216.00 and Rs. 1204.80 respectively. So far 41791 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 1319.95 on 22-Sep-2023 and a 52 week low of Rs. 982.95 on 28-Apr-2023.
Last one week high and low of the scrip stood at Rs. 1222.50 and Rs. 1166.45 respectively. The current market cap of the company is Rs. 118415.02 crore.
The promoters holding in the company stood at 35.13%, while Institutions and Non-Institutions held 53.42% and 11.44% respectively.
Tech Mahindra through material subsidiary Tech Mahindra (Americas) Inc. has entered into a Collaboration Deed with NEOM Tech and Digital Company (TONOMUS), pursuant to which Tech Mahindra will incorporate a wholly owned subsidiary (JVCo) to provide technology and digital services that support the cognitive foundation of cities and communities.
The parties intend for the JVCo to provide product and platform development services, platform and product engineering services and solutions, network services, metaverse services and solutions, intellectual property development services, and cognitive solutions and services to TONOMUS, other NEOM group companies and other customers relating to cognitive city development. The purpose of the agreement is to align on the principles and key terms of the partnership between Tech Mahindra and TONOMUS. Tech Mahindra and TONOMUS will each contribute or license certain assets and intellectual property to JVCo.
Tech Mahindra represents the connected world, offering innovative and customer-centric information technology experiences, enabling Enterprises, Associates and the Society to Rise.
