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The stock of Tech Mahindra has jumped about 10 per cent on the BSE to close at Rs 1,224.50. Trading volumes have also jumped to 2.01-lakh shares from its two-week average of 46,212 shares. On the NSE, the stock closed at Rs 1,223.70, with 4.69-lakh shares changing hands, of which 32.65 per cent was deliverable quantity.

Though general bullishness on Friday towards IT stocks lifted this counter too, market gossip has it that the company might soon announce a big order of about Rs 2,500-crore from an European firm. However, company spokesman termed this as a market rumour and denied any such developments.

Tech Mahindra is owned by Mahindra & Mahindra (44.34 per cent) and British Telecommunication Plc (31.1 per cent) while Mahindra BT Investment Co Mauritius holds 8.19 per cent stake in the company.

K.S. Badri Narayanan

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