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Mindtree share price rises on agreement with Nordex Group

Following the announcement, Mindtree stock touched an intraday high of Rs 1,405 on BSE, rising 3.63% against the last closing of Rs 1355.75. The stock opened at Rs 1380.45 and also touched an intraday low of Rs 1,361.80 today

twitter-logoBusinessToday.In | November 23, 2020 | Updated 17:04 IST
Mindtree share price rises on agreement with Nordex Group
The stock opened at Rs 1380.45 and also touched an intraday low of Rs 1,361.80 today

Shares of IT firm Mindtree gained more than 3% in Monday's early session after the company signed a five-year deal with a leading wind turbine maker Nordex Group as its business transformation partner.

"The Nordex Group has chosen Mindtree as its business transformation partner to simplify, modernize and transform its entire IT landscape globally while providing scalability to support the company's growth plans," the company said in an exchange filing today. The size of the deal, however, wasn't disclosed.

Following the announcement, Mindtree stock touched an intraday high of Rs 1,405 on BSE, rising 3.63% against the last closing of Rs 1355.75. The stock opened at Rs 1380.45 and also touched an intraday low of Rs 1,361.80 today.

The stock has risen 6% in the last 2 days of straight gains. Mindtree share stands higher than 5, 20, 50, 100 and 200-day moving averages. Meanwhile, IT- Software has gained by 2.62% on BSE today.

Mindtree stock has risen 3% in one week and 0.13% in one month. The IT stock has gained 74% since the beginning of the year and 97% in one year. The market capitalisation of the firm rose to Rs 22,988 crore today. Shares of Mindtree have hit a 52-week high of Rs 1,605.45 and a 52-week low of Rs 686.20.

"Demand for wind power will continue to grow and so will Nordex. Delivering to our expanding international customer base reliably and securely will require standardization and simplification of our underlying systems. We will design a scalable digital architecture that enables us to deliver with speed and agility," Stefan Ewald, CIO of the Nordex Group said.

"The scope includes the standardization and rolls out of new projects and operational processes, the consolidation of existing IT services, and the development of a future-ready cloud platform which maintains a robust cybersecurity posture," said Venu Lambu, Executive Director and President, Global Markets, Mindtree.

The Nordex Group is one of the leading global manufacturers of innovative onshore wind turbine systems, the company said in an exchange filing.

Mindtree shares closed 2.95% higher at Rs 1,395 on BSE today.

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