Tech Mahindra has said in the information sent to the stock market that its subsidiary has further formed another subsidiary. The new subsidiary, which will be a step down subsidiary of the company, will provide its services to the clients of Ghana. According to the company, the formation of this step down subsidiary is in the direction of the company's business. The company gave this information late on Friday night. In Friday's trading, Tech Mahindra's stock saw a sharp initial jump. However, later the stock lost most of its gains. At the end of the trading, the stock closed with a slight increase near the level of 1610.

What information has the company given?

The company has informed the stock market that Yabx Technologies (Netherlands) BV, a wholly-owned subsidiary of the company's subsidiary Comviva Technologies, has formed a step-down subsidiary Yabx Technologies Ghana Ltd in Ghana. The company informed that on 27 September 2024, Comviva Technologies has informed them that the certificate of formation of Yabx Ghana has been obtained from the Registrar of Companies. The company has said that the purpose of forming the new step-down subsidiary is to provide software and analytical platforms and related services to clients in Ghana. Yabx Technologies (Netherlands) will hold 70 percent stake in Yabx Ghana. How was the performance of Tech Mahindra stock? The stock closed at 1610 in Friday's trade. During trading, the stock has reached a high of 1664. The stock's highest level of the year is 1671.5. A year ago, the stock was below the level of 1300, while in October last year, the stock also fell below 1150. The stock gained momentum from the beginning of June when the stock rose from the level of 1250 to cross the level of 1600.