Tech Mahindra up on the buzz

Tech Mahindra is on the buzz today. The stock, which exactly a year ago, on 3^rdSept 2012 had hit a new 52-week low at Rs.800.55, today, is up almost 2% at Rs.1409, its intra day high.

The stock is up after RBI allowed the company to enhance the limit for the purchase of its equity shares and convertible debentures by FIIs, through primary market and stock exchanges up to 35% of the paid up capital of the company under Portfolio Investment Scheme. Till end of Q1Fy14, FIIs stake in the company stood at 26.80%.

There is another buzz – unconfirmed rumours that the company is close to bagging a US$500 million order from the Bharti group. If this comes through, the stock could head for some more uptick.