According to sources, engineering major L&T had also put in its bid to acquire control of the Hyderabad-based company, while Cognizant has not put in a bid.
IT firm Satyam Computer on Tuesday said its new owner Tech Mahindra has completed the process for acquiring 31 per cent stake in the company.
'Keeping a bench increases cost. If you keep a bench, the skills may not remain relevant.' 'In the future, bench strength will literally be zero.'
The company has put in place a new team to scout for opportunities in new verticals and geographies in order to double revenue in two years.
Leading telecommunications service provider Tech Mahindra will invest Rs 200 crore (Rs 2 billion) to set up a software development centre in Chandigarh.
While TCS cited evolving business needs and future readiness as reasons, industry experts say the action is a cost-cutting measure aimed at improving operating margins that have remained below the firm's aspirational range despite multiple efforts.
Tech Mahindra IPO is worth subscribing as it is attractively priced
Mahindra & Mahindra Ltd on Monday reported a 13.34 per cent rise in consolidated profit after tax at Rs 3,541.85 crore in the fourth quarter ended March 31, 2025 led by good performance from auto and farm equipment sectors. The company had posted a consolidated net profit of Rs 3,124.94 crore in the same quarter of the previous fiscal, Mahindra & Mahindra (M&M) said in a regulatory filing.
According to reports, Vodafone NZ had offered all its employees, other than call centre and retail staffers, voluntary severance package
Four nominee directors of Tech Mahindra, including its chief executive officer Vineet Nayyar, on Wednesday joined the board of the embattled IT firm Satyam Computer.
According to a department notification, Tech Mahindra has approached the Board of Approvals under the Department of Commerce for transferring rights of three SEZs (one in Tamil Nadu and two in Andhra Pradesh) and the proposal will come up for a discussion before the BoA on August 30.
Some major contracts coming up for renewal include TCS' deals with Star Alliance, a consortium of airlines based in Germany, and Nielsen; Infosys' deals with GE Appliances and Daimler; HCLTech's with UK-based life insurer Chesnara; Wipro's with German electric utility company E.ON and Petrobras of Brazil; and Tech Mahindra's with Circle Health.
After lagging behind peers for years, the company changes tack to achieve ambitious revenue target of $5 billion in two years.
The Satyam buyout gives the tech firm a chance to diversify away from telecom, something it badly needed to do. It shouldn't be too difficult for Satyam to be able to turn in an operating profit of close to Rs 1,000 crore in 2009-10, so that would translate into an EV/ebitda of 8.4 times for the company.
Earlier, the Scheme of Amalgamation and Arrangement was approved by the High Courts of Andhra Pradesh and Mumbai. The company then had launched Tech Mahindra as the brand identity of the merged entity.
Export-led Indian IT sector is not directly hit by Trump's tariff order on goods, but there could be worrisome indirect bearings on it arising out of possible slowdown in decision-making and GDP growth in America over higher tariffs, which may then cloud demand from specific verticals, according to some analysts.
Tata Steel and Tata Motors dropped over 10 per cent each. Larsen & Toubro, HCL Technologies, Adani Ports, Tech Mahindra, Infosys, Tata Consultancy Services, Reliance Industries and Mahindra & Mahindra were the other big laggards.
The name of the company could not be disclosed as per the confidentiality clauses of the agreement inked by Tech Mahindra.
India's fifth largest software services firm Tech Mahindra on Wednesday posted a marginal rise in net profit at Rs 719.7 crore (Rs 7.19 billion) for the quarter ended September 2014 on the back of growth in manufacturing and telecom verticals.
From the Sensex firms, Adani Ports, Eternal, Bajaj Finance, Axis Bank, Bajaj Finserv, Reliance Industries, Power Grid and NTPC were the major gainers. Sun Pharma, however, tanked over 5 per cent.
Satyam Computer on Thursday said its new owner Tech Mahindra's stake will go up to 50.42 per cent in the company following a preferential allotment of over 19.86 lakh shares.
From the Sensex pack, Bajaj Finserv, Bajaj Finance, Sun Pharma, Zomato, Tata Steel and Nestle were the biggest gainers. UltraTech Cement, Tata Motors, Mahindra & Mahindra, Kotak Mahindra Bank, Tech Mahindra and State Bank of India were among the major laggards.
National Australia Bank is one of the key customers Tech Mahindra executive vice-chairman Vineet Nayyar will be meeting next week. Nayyar will be in town to spread Satyam's new identity after it was renamed Mahindra Satyam, and try to regain its standing with the NAB and clients such as Qantas and Suncorp. Satyam continues to provide application development and IT maintenance services to the NAB.
From the Sensex pack, HDFC Bank, Maruti, Tech Mahindra, HCL Tech, ITC, ICICI Bank, Kotak Mahindra Bank and Bajaj Finance were among the biggest laggards. NTPC, Adani Ports, Mahindra & Mahindra, Tata Steel and IndusInd Bank were among the gainers.
Satyam's revenue per employee is low, but manpower rationalisation can solve only part of the problem, says Shyamal Majumdar.
Markets investors became richer by Rs 27.10 lakh crore as the BSE benchmark Sensex continued to rally for the sixth trading day, surging nearly 6 per cent during this period. On Monday, the 30-share BSE bellwether gauge jumped 1,078.87 points or 1.40 per cent to settle at an over six-week high of 77,984.38. During the day, the benchmark zoomed 1,201.72 points or 1.56 per cent to 78,107.23.
IT services firm looks at local partnerships, JVs, acquisitions to expand base in region.
Tech Mahindra and IT infrastructure major Sun Microsystems announced on Monday a strategic alliance to provide systems and software for internet protocol television services to customers in India and Asia Pacific markets.
Information technology (IT) stocks ended at their lowest in nearly nine months after a fresh bout of selling, triggered by concerns over a recession in the US, the key market for domestic software exporters. A report by Morgan Stanley citing risks to growth also weighed on sentiment.
This lab is also significant as it is the first of its kind in India where Intel has partnered with an IT software and services company for developing applications focused on IP Services category.
As part of its expansion drive, Tech Mahindra, one of the largest providers of solutions to telecom companies, on Tuesday announced setting up of its state-of- the art software development centre and integrated campus in Kolkata.
usiness with British Telecom will grow, but the proportion will come down
Tech Mahindra listed at Rs 525 on BSE against an issue price of Rs 365. What should investors do with the stock and what are the concerns going forward?
From the 30 blue-chip pack, Tata Motors, Titan, Tata Steel, State Bank of India, Mahindra & Mahindra, NTPC, ICICI Bank, Maruti, HDFC Bank and Infosys were among the biggest laggards. Zomato, Tech Mahindra, HCL Tech and IndusInd Bank were among the gainers.
IT firm Tech Mahindra on Wednesday said its Rs 1,154.66 crore (Rs 11.54 billion) open offer for an additional 20 per cent stake in Satyam Computer will begin on June 12 and close on July 1, 2009.
From the 30 blue-chip stocks, Titan, Asian Paints, Nestle, Tech Mahindra, Reliance Industries, Zomato, Larsen & Toubro and Bajaj Finserv were among the laggards. Adani Ports, Mahindra & Mahindra, Maruti, Sun Pharma, Bharti Airtel and Tata Motors were among the gainers.
In the face of surge in stock prices of Satyam to about Rs 81 a share on the eve of the open offer for beleaguered company, its new owner Tech Mahindra said it will not hike the offer price.
Tech Mahindra's open offer for acquiring a controlling stake in Satyam Computer, which begins on Friday, may not be fully subscribed as shareholders will get a better price in the market with the shares of the tainted IT firm soaring over 33 per cent in the past three days.
IT services firm Tech Mahindra on Thursday posted a 57.6 per cent growth in consolidated net profit at Rs 718.4 crore (Rs 7.18 billion) for the second quarter ended September 30, aided by growth across verticals especially retail, travel and logistics and uptick in demand from Europe.
Tech Mahindra is building 5G use cases with US-based hospitals to help manage devices remotely and eventually manage remote surgeries that will require seamless network connectivity.
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