Tech Mahindra acquires Hutchinson : Market Outlook

Tech Mahindra Acquires Hutchinson Global Services

Tech Mahindra Limited, a leading provider of solutions and services to the telecommunications industry, today on tuesday 4 Sep 2012, announced the acquisition of 100% stake in Hutchison Global Services Private Limited for US $ 87.1 m, payable upfront. 

Hutchison Global Services provides services to the clients of Hutchison's mobile firm in the UK, Ireland and Australia, the statement said.

As part of the deal, the clients of Hutchison Global have committed to procure services worth USD 845 million over a five-year period, said Tech Mahindra, a unit of India's Mahindra & Mahindra Ltd

Hutchison Global Services has about 12,000 employees operating out of five facilities in India.

British outsourcing group Serco was also interested in buying Hutchison Global Services, which services Hutchison’s mobile firm Three in the UK and Ireland as well as Vodafone in Australia.
Source : techmahindra.com

Nifty intraday Trend For Tomorrow 22-Sept

Markets traded range-bound today with great ups and downs. IMF's trimming of growth forecast for India sounds a warning signal and will make global investors trim their expectations, accordingly. The resistance levels for Nifty (spot) continue to be at 5,180 and 5,320 where it fills an open gap. And on the downside, 4,990-4,910 remain supports.

For intraday trading tomorrow, we can see 5080 as the immediate support level and if this is broken, then next support is seen at 5050-5012. On higher levels, 5175 is the immediate resistance level for Nifty and any gains above these levels may take it to resistance at 5200-5235.