Tech Mahindra surged up over 5.5% to Rs.734 and remains strongly among the top five gainers on the BSE.
The market is happy with the company signing a multi-year deal with AT&T. The company announced expansion of its strategic collaboration with AT&T to accelerate AT&T’s IT network application, shared systems modernization and movement to the cloud.
Tech Mahindra will assume management of many of the applications which support AT&T’s network and shared systems. The multi-year agreement will enable AT&T to focus on core objectives, including having the most advanced software defined 56 network, and migrate the majority of its non-network workloads to the public cloud by 2024. This comprehensive program will help drive sustainable operational improvement across the network and software development domains.
The company did not announce any financial details of this deal but some sources peg this deal at around $0.6 to 1 billion.