Sources say that the Tech Mahindra might be looking at aquiring promoter's stake in FT. However, Nayyar refused to comment on the matter saying "it would be too premature to speculate about FT".
We are seeing US prospects positively, at least in the short-term.
Vineet Nayyar
Executive Vice Chairman
Tech Mahindra
Vineet Nayyar, vice chairman of Tech Mahindra says the IT major is nowhere close to any agreements with Financial Technologies . CNBC-TV18 had learnt from sources that Tech Mahindra officials met Financial Technologies' restructuring committee.
Sources say that the Tech Mahindra might be looking at aquiring promoter's stake in FT. However, Nayyar refused to comment on the matter saying "it would be too premature to speculate about FT."
Analysts say if Tech Mahindra does acquire FT, it could be perceived negatively for the former as they foresee very little to no synergies with FT business.
Below is the verbatim transcript of Vineet Nayyar's interview to CNBC-TV18's Latha Venkatesh & Sonia Shenoy.
Latha: Is it the case that you have met the restructuring committee of Financial Technologies (FT)? Should we expect you to do a Satyam on FT as well and get into that company or bring that company into your fold in some fashion?
A: These speculations are premature, and yes, there is a rumour in the market. But I do not think I can confirm it at this point of time. Financial Technologies is an interesting company but we are nowhere close to any understanding or agreement with them.
This copy is being updated. Stay Tuned.
Tech Mahindra stock price
On March 03, 2014, at 11:10 hrs Tech Mahindra was quoting at Rs 1906.00, up Rs 35.40, or 1.89 percent. The 52-week high of the share was Rs 1919.95 and the 52-week low was Rs 895.25.
The company's trailing 12-month (TTM) EPS was at Rs 98.50 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 19.35. The latest book value of the company is Rs 183.78 per share. At current value, the price-to-book value of the company is 10.37.
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