Riding a wave

In Tech Mahindra’s recent buyback, promoter entity Mahindra & Mahindra tendered shares worth ₹4.46 billion

Until April last year, Tech Mahindra’s stock was catching up with its counterparts such as Infosys and Tata Consultancy Services (TCS). Plagued by issues such as margin contraction due to higher-than-expected selling, general and administrative (SG&A) expenses and slow recovery in telecom segment, Tech Mahindra’s results failed to garner investors’ attention. But things have changed since then for the company. Tech Mahindra’s stock has gone up by 31% in FY19 hitting a record high of Rs.840 on February 21, when the board announced its first-ever buyback of Rs.950 per share.

The buyback offer per share w


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