Tech Mahindra said that it has acquired Com Tec Co IT for 310 million euros
The October-December (Q3) quarter is expected to be another strong quarter for IT companies after strong performance witnessed in Q2FY22.
The company, in a BSE filing, said that the $125 mn acquisition will bolster Tech Mahindra's capabilities in digital experience solutions.
IT stocks were in demand on hopes of strong Q3 earnings post Accenture performance. 63 Moons has zoomed 117% this month, while stocks like CyberTech, Brightcom and D-Link have soared over 30% so far
In an interview with Business Standard's Surajeet Das Gupta, Tech Mahindra's CEO and Managing Director CP Gurnani shared his company's plans for growth amid the ongoing uncertainty caused by Covid-19
In the past one week, the stock rallied 12 per cent when compared with a 2.8 per cent rise in the S&P BSE Sensex
"There is definitely a skill war, or a talent war going on," said Gurnani
Accenture reported strong revenue in Q1FY22 and upgraded its annual guidance by a massive 700bps as it continues to gain from demand for Cloud transformation.
The acquisition will bolster Tech Mahindra's capabilities in emerging workplace solutions and strengthen the end-to-end CX portfolio, Tech Mahindra said in a statement
Stocks like TCS and LTTS may explore uncharted territories in current market volatility