Mphasis gains on signing business venture agreement with Ardonagh

Mphasis is currently trading at Rs. 3196.15, up by 9.75 points or 0.31% from its previous closing of Rs. 3186.40 on the BSE.

The scrip opened at Rs. 3245.00 and has touched a high and low of Rs. 3290.00 and Rs. 3183.00 respectively. So far 11684 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 3659.75 on 19-Oct-2021 and a 52 week low of Rs. 1399.30 on 24-Feb-2021.

Last one week high and low of the scrip stood at Rs. 3329.00 and Rs. 3020.45 respectively. The current market cap of the company is Rs. 59751.41 crore.

The promoters holding in the company stood at 55.95%, while Institutions and Non-Institutions held 38.80% and 5.25% respectively.

Mphasis and Ardonagh Group, UK (Ardonagh) have signed business venture agreement wherein, Mphasis acquires 51% in Mrald, a company incorporated and registered in England and Wales, with 49% of the equity remaining with Ardonagh. Mrald will service middle and back-office functions, and is aimed at expanding in two areas – insurance operations and technology capabilities; and new clients across the Ardonagh and third party clients in the insurance intermediate market.

Mphasis holds a majority share (51%) with both operating control and full economic interest, as well as bringing their existing offshore expertise to constitute an extended global outsourcing & transformation proposition and capability that can be harnessed to personalise and to meet individual UK customer needs.

Mphasis is a global service provider, delivering technology-based solutions across many sectors.

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