Banks drive markets more into green; Tech Mahindra acquires minority stake in Servista
August 29th, 2008
Friday, August 29, 2008 11:31:51 AM IST
Buying in banking stocks are driving the market more into the green. Bank Nifty is up 5.44% while BSE Bankex is up 5.21%. ICICI Bank and SBI are both up over 6%. PNB is up 5.1%. HDFC Bank is up 4%. Tech Mahindra is in news for acquiring a minority stake in Servista.
Midcap Technology stock Tech Mahindra Limited (NSE:TECHM) has announced signing of an agreement with a United Kingdom-headquartered systems integrator Servista to acquire a minority stake in the later. As per the agreement, Tech Mahindra will be the exclusive delivery arm for Servista. Tech Mahindra will also help more large scale European IT offshoring business.
Servista operate in the Telecoms, Financial Services and Energy market sectors, with core offerings in CRM, Billing, Operational Workflow, IT Systems Transformation and Testing. Incidently telecom is the biggest business for Tech Mahindra. The acquiring of the stake will help the Tech Mahindra to expan its European presence as well as improve its business development capabilities.
Current price: 748.00 (at the time of writing)
52-week high price: 1550.00
52-week low price: 575.00
1 U.S. dollar = 43.7005 Indian Rupees
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1 U.S. dollar = 0.6806 Euros
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Entry Filed under: Equity Markets, IT & ITes, Banks & NBFC
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