Shares of Tech Mahindra Ltd recently surged more than 3 percent to its 52-week high in morning trade after the IT major said it has partnered with Israel’s ContextSpace Solution to develop the world’s first global software privacy ecosystem, MyData Shield.
Shares of the company opened on a bullish note at Rs548.10, then surged 3.20 percent to touch a high of Rs561.35 on the BSE. On the NSE the stock opened at Rs548, then jumped 3.26 percent to a high of Rs561.50, NDTV reported.
The announcement coincides with Israeli Prime Minister Benjamin Netanyahu’s visit to India.
Talking about the MyData Shield Tech Mahindra Senior VP (Global), Cybersecurity Business, Rajiv Singh said the offering will address security and personal data protection concerns of enterprises, Moneycontrol reported.
With countries moving towards stronger privacy regulations, organisations too are increasingly concerned about personal data protection and regulatory compliance, Singh added.
Besides, the firm has also launched ‘Tech Mahindra NxT’ to power start-ups in Israel, under which it will engage with 20 firms, the news portal reported.
Tech Mahindra CEO CP Gurnani said the company has been in Israel for a long time and has leveraged acquisitions and alliances to strengthen its operations there.
“Now what we are focussing on is a programme called Tech Mahindra NxT where we are going to partner with about 20 companies in Israel,” Gurnani said. Mr. Gurnani was quoted on Moneycontrol.
Tel Aviv, Israel’s financial and technological hub, will be the nerve centre for the programme and will focus on creating collaborative solutions across cyber security, fintech, mobility, artificial intelligence, and data analytics.
Currently, Tech Mahindra NxT is active in Silicon Valley, California with active collaborations with nine start-ups.