Tech Mahindra scaled a 52 week high of ₹748.80 at stock exchanges on 28 August. The stocks opened at ₹741 and closed at ₹735.40 at the BSE. The company with a market capitalization of ₹72,113.89 cr previously closed at ₹737.95.
The NIFTY IT index was up 0.5% owing to the gains of Infosys, KPIT Technology, Oracle Financial and Tech Mahindra.
Tech Mahindra updates – DLT
Tech Mahindra has partnered with Microsoft to develop a block chain based technology called Distributor Ledger Technology (DLT) that will be built on Microsoft Azure. Based on the recommendation by TRAI (Telecom Regulation Authority of India) the partnership aims at curbing pesky calls and SMS. This will avoid leakage of consumer information from unauthorized telemarketers.
‘This DLT-based solution will enable enterprises to stop financial frauds and perpetration of misleading financial information by unregistered telecom marketers who rampantly use the SMS service of telcos,’ Rajesh Dhuddu, Global Practice Leader, Blockchain, Tech Mahindra told.
Tech Mahindra updates – prepaid cards
The RBI cancelled Tech Mahindra’s licence to issue prepaid cards today. This came into effect after the company’s volutary surrender of authorization. The RBI issued certificate of authorization (COA) to Tech Mahindra in November 2013. The company can no longer support prepaid transactions.
‘The RBI, in exercise of the powers conferred on it under Payment and Settlement Systems Act, 2007, has cancelled the COA of (Tech Mahindra Limited, Noida) Payment System Operator (PSO) on account of voluntary surrender of authorisation by the company,’ the RBI statement read.
Customers having valid claims can approach the company for settlement within 2 years from today, that is 27 August 2020.