Tech Mahindra share price gained over 2 per cent in intraday trade on BSE on Monday, in an otherwise weak broader market, after the company received its board approval for acquisition of majority stake in Perigord Asset Holdings Limited. In contrast, the BSE Sensex was trading 764 points or 1.51 per cent lower at 50,027.
Early today, shares of Tech Mahindra belled the day in positive terrain at 1,007 against previous close price of Rs 1,003.90. During the day's trade, the stock rose as much as 2.35 per cent to hit intraday high of Rs 1027.50. The stock was currently trading at Rs 1,019.35, up 1.54 per cent. The market cap of the stock surged to Rs 98,638.97 crore.
On the volume front, there was surge in buying as 3.02 lakh shares changed hands over the counter as compared to two-week average volume of 1.72 lakh shares.
In an exchange filing, Tech Mahindra on Monday said it will acquire a 70 per cent stake in BPO services firm Perigord Asset Holdings Ltd to expand its reach in the global pharmaceutical, healthcare and life science sectors. The acquisition is a part of Tech Mahindra's long-term growth plan to build presence across key markets in Ireland, Germany, USA, and India with enhanced global delivery.
Tech Mahindra will also leverage Perigord's expertise and offerings to extend capabilities towards delivering efficiency and automation levers across sectors, including consumer-packaged goods, medical devices and over the counter products, to enable growth and scalability in the future, the company said in the filing.
Perigord has a global base of over 400 designers, analysts, and developers spread across Ireland, Germany, USA, and India.