Tech Mahindra’s stock rose over 10 per cent in early trade, but fell marginally by 10 am. At around 10:15 am, shares of Tech Mahindra were trading 8.37 per cent higher at Rs 1,150.05 a piece.
By India Today Business Desk: Shares of Tech Mahindra jumped sharply on Monday, fuelling a strong rally in IT stocks that boosted sentiments on Dalal Street amid volatility.
Tech Mahindra’s stock rose over 10 per cent in early trade, but fell marginally by 10 am. At around 10:15 am, shares of Tech Mahindra traded 8.37 per cent higher at Rs 1,150.05 a piece.
Tech Mahindra shares rose today after the company named Mohit Joshi as its new managing director and chief executive officer, succeeding CP Gurnani, whose term is set to end on December 19.
Joshi is set to take charge from December 20 for a period of five years, said the IT arm of Mahindra Group in an exchange filing.
“Mohit Joshi as the MD & CEO designate of Tech Mahindra. Mohit will take over as MD & CEO when CP Gurnani retires on 19th December 2023. He will join Tech Mahindra well before that date to allow for sufficient transition time,” Tech Mahindra said in a press release.
Who is Mohit Joshi?
Mohit Joshi will join Tech Mahindra from Infosys, where he was the president of the company. He has over two decades of experience in the enterprise technology software and consulting space.
During his career, Joshi has worked with the largest corporations in the world in driving digital transformation and building successful businesses.
At Infosys, Mohit Joshi was the head of Global Financial Services & Healthcare and software businesses, which included Finacle (the banking platform) and the AI/Automation portfolio. He also led sales operations and transformation for Infosys and executive responsibility for all large deals across the company.
He was also responsible for the company’s internal CIO function and the Infosys Knowledge Institute. Joshi has been a non-executive director at Aviva Plc since 2020 and is a member of its Risk and Governance and Nomination committees.
Prior to joining Infosys in 2000, Joshi worked with ABN AMRO and ANZ Grindlays in their Corporate and Investment bank.
“Tech Mahindra’s growth journey has been remarkable. I am delighted to be joining the Tech Mahindra family and look forward to working closely with all the associates, partners, and customers to achieve new milestones, make a positive difference and #Risetogether,” Joshi said.