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Tech Mahindra rises on collaborating with Quantoz

Tech Mahindra is currently trading at Rs. 738.00, up by 11.00 points or 1.51% from its previous closing of Rs. 727.00 on the BSE.

The scrip opened at Rs. 730.10 and has touched a high and low of Rs. 744.80 and Rs. 730.00 respectively. So far 66526 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 5 has touched a 52 week high of Rs. 846.00 on 02-May-2019 and a 52 week low of Rs. 607.90 on 31-Jul-2019.

Last one week high and low of the scrip stood at Rs. 744.80 and Rs. 714.75 respectively. The current market cap of the company is Rs. 70998.94 crore.

The promoters holding in the company stood at 35.88%, while Institutions and Non-Institutions held 51.96% and 11.98% respectively.

Tech Mahindra has entered into a collaboration with Quantoz, Netherlands-based innovative Blockchain technology application incubator, specialized in building and implementing Blockchain-based solutions, to offer Blockchain-as-a-Service for secure digital payments.

This disruptive solution, Quasar, will also enable integration of fiat currency like US Dollar or Euro, and legacy systems. Further, it enables instant, irreversible digital cash payments among enterprises, people and devices in the Internet of Things, compliant with regulations. As a result, devices connected via the internet can autonomously handle payments. Quasar is a distributed, permissioned Blockchain-based electronic cash system with built-in rules to fulfil regulatory and compliance guidelines.

Tech Mahindra is a leading provider of solutions and services to the telecommunications industry with a majority stake owned by Mahindra & Mahindra. The company, since 2002 has operations in China with offices in Beijing, Shanghai, Nanjing and Guangzhou.