Shares of IT major Tech Mahindra Ltd zoomed nearly 10% today after the firm announced the appointment of Mohit Joshi as its new managing director and chief executive officer. Joshi has worked with Infosys for 22 years and was the President at the company till March 11 this year. He will take charge of the IT arm of Mahindra Group from December 20, 2023 for five years, the company said. He will succeed CP Gurnani, whose term will end on December 19.
Tech Mahindra shares zoomed 9.74% to Rs 1164.5 against the previous close of Rs 1061.60 on BSE. Market cap of the firm rose to Rs 1.10 lakh crore. Total 3.92 lakh shares of Tech Mahindra changed hands amounting to a turnover of Rs 44.99 crore.
Earlier, the stock opened 5.08 per cent higher at Rs 1,115 on BSE.
The stock has risen 12.27 per cent since the beginning of this year and fallen 23.25 per cent during the last one year. The IT stock hit a 52-week high of Rs 1574.80 on March 25, 2022 and a 52-week low of Rs 944.10 on June 17, 2022.
In terms of technicals, the relative strength index (RSI) of Tech Mahindra stands at 45.3, signaling it’s neither trading in the overbought nor in the oversold zone. The stock has a beta of 1.1, indicating high volatility in a year. Shares of Tech Mahindra are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
At Infosys, Joshi would be on leave from March 11 with the last day with the company being June 9, according to a regulatory filing.
“Appointment of Mr. Mohit Joshi, (DIN: 08339247) as Managing Director and Chief Executive Officer of the Company and Key Managerial Personnel under the Companies Act, 2013, for a period of 5 (five) years with effect from 20th December, 2023 to 19th December, 2028 (both days inclusive),” the company said.
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