Company typePublic
Traded as
• BSE: 532755
• NSE: TECHM
• BSE SENSEX constituent
• NSE NIFTY 50 constituent
ISININE669C01036IndustryInformation technology
Consulting
OutsourcingFounded24 October 1986; 37 years ago FounderAnand Mahindra Headquarters Pune, Maharashtra, India[1]
Area served
Worldwide
Key people
• Anand Mahindra
(Chairman)
• Mohit Joshi[2]
(MD & CEO)
Revenue
₹52,912 crore (US$6.3 billion) (FY24)[3]
Operating income
₹3,224 crore (US$390 million) (FY24)[3]
Net income
After the Satyam scandal of 2008–09, Tech Mahindra bid for Satyam Computer Services, and emerged as a top bidder with an offer of INR 58.90 a share for a 31 percent stake in the company, beating a strong rival, Larsen & Toubro. After evaluating the bids, the government-appointed board of Satyam Computer announced on April 13, 2009: "its Board of Directors has selected Venturbay Consultants Private Limited, a subsidiary controlled by Tech Mahindra Limited, as the highest bidder to acquire a controlling stake in the Company, subject to the approval of the Hon'ble Company Law Board."
Tech Mahindra announced its merger with Mahindra Satyam on 21 March 2012, after getting approval of the two company boards to create an IT company worth $2.5 billion. The two firms had received the go-ahead for the merger from the Bombay Stock Exchange and the National Stock Exchange. On 11 June 2013, Andhra Pradesh High Court gave its approval for merging Mahindra Satyam with Tech Mahindra, after getting approval from the Bombay high court.
The Satyam Computer Services scandal
The Satyam Computer Services scandal was India's largest corporate fraud until 2010. The founder and directors of India-based outsourcing company Satyam Computer Services, falsified the accounts, inflated the share price, and stole large sums from the company. Much of this was invested in property. The swindle was discovered in late 2008 when the Hyderabad property market collapsed, leaving a trail back to Satyam.[1] The scandal was brought to light in 2009 when chairman Byrraju Ramalinga Raju confessed that the company's accounts had been falsified.
For many years Satyam accounts showed profits that had never existed, cash at the bank that did not exist, which inflated the share price. Raju and friends then sold shares. The accounts also showed $3m of "salary payments" to people who did not exist. These in fact went to board members. The falsified accounts were used to obtain cheap loans in the USA which were stolen by Raju and never entered into the accounts. Much of the money was squandered in real estate deals in Hyderabad. When the property market collapsed in 2008, the money vanished and whistle-blowers began to be heard. A failed attempt by Raju to use Satyam to buy a property company led to the scandal being uncovered.
On 7 January 2009, the chairman of Satyam, Byrraju Ramalinga Raju, resigned, confessing that he had manipulated the accounts of Rs 7,000 crore in several forms. The global corporate community was said to be shocked and scandalised.
In February 2009, the CBI took over the case and filed three partial charge sheets (dated 7 April 2009, 24 November 2009, and 7 January 2010), over the course of the year.. All charges arising from the discovery phase were later merged into a single charge sheet.
On 10 April 2015, Byrraju Ramalinga Raju was convicted with 10 other members.
Here are few of companies they own and databases they have access to.
Tech Mahindra markets Huawei's enterprise products and services across 44 countries including India. Tech Mahindra acquired CJS Solutions Group LLC, a US-based healthcare Information Technology consulting company which does business as (DBA) “The HCI Group.” In 2019, Tech Mahindra acquired DynaCommerce BV. Tech Mahindra in September 2019 acquired BORN Group, a New York City–based digital content and production agency, for $95 million in an all-cash deal.
Top IT services companies in India in 2022 by market capitalization.In September 2021, TCS recorded a market capitalisation of US$ 200 billion, making it the first Indian IT tech company to do so. On 24 August 2021, Infosys became the fourth Indian company to reach $100 billion in market capitalization
| Rank | IT Services Company name | Market capitalization in 2022(US$ Billion) | Market capitalization in 2022(₹ Cr) |
|---|---|---|---|
| 1 | Tata Consultancy Services | 200 | 14,63,372.44 |
| 2 | Infosys | 100 | 7,34,140.78 |
| 3 | Wipro | 50 | 3,17,428 |
| 4 | HCL Technologies | 36.67 | 3,18,061 |
| 5 | LTIMindtree | 20.86 | 1,33,592.40 |
| 6 | Tech Mahindra | 12.65 | 1,33,592.40 |
https://en.m.wikipedia.org/wiki/Asset
https://en.m.wikipedia.org/wiki/Equity_(finance)
http://www.techmahindra.com/
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