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Tech Mahindra share rises 2% after firm inks joint venture with Sumitomo Corporation

Share price of  Tech Mahindra rose 1.97% to Rs 828.15 against previous close of Rs 812.20 on BSE

twitter-logoBusinessToday.In | October 16, 2020 | Updated 15:47 IST
Tech Mahindra share rises 2% after firm inks joint venture with Sumitomo Corporation
Tech Mahindra share trades higher than 20 day, 50 day, 100 day and 200 day moving averages but lower than 5 day moving averages.

Tech Mahindra share price gained nearly 2 percent in early trade after the company inked a joint venture with Sumitomo Corporation, Japan to provide engineering services to the automotive sector.

Share price of  Tech Mahindra rose 1.97% to Rs 828.15 against previous close of Rs 812.20 on BSE.

The IT stock has gained after 2 days of consecutive fall.

The share trades higher than 20 day, 50 day, 100 day and 200 day moving averages but lower than 5 day moving averages.

The share has gained 13% in one year and risen 8% since the beginning of this year. Later, the stock closed 1.29% or Rs 10.45 higher at Rs 822 on BSE. 

Total 1.89 lakh shares changed hands amounting to turnover of Rs 15.54 crore. The proposed joint venture shall have two shareholders with each holding a 50% stake.

The JV entity will provide engineering services to customers - situated predominantly in Japan as per the terms of the JV agreement.

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The announcement was made after market hours on October 15, 2020. Shares of Tech Mahindra closed 4.32% lower at Rs 812.20 in the same session. The firm will announce its Q2 earnings on Oct 23. Meanwhile, Kotak  Securities has given a buy call on Tech Mahindra stock with a target price of Rs 840.

Post strong uptrend rally, currently stock is witnessing short term correction. It is trading near important support level. The texture indicates high chances of fresh uptrend wave from current levels, the brokerage said.

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