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Tech Mahindra LtdIndustry : Computers - Software - Large
BSE Code:532755
ISIN Demat:INE669C01036
Book Value(Rs):199.36
Div & Yield %:2.02
Market Cap (Rs Cr.):67717.52
Face Value(Rs):5
  Change Company 

Your Directors present their Thirtieth Annual Report together with the audited accounts of your Company for the year ended March 31, 2017.


( Rs in Million)
For the year ended March 31 2017 2016
Income 240,583 220,532
Profit before Interest, Depreciation, exceptional items and tax 45,647 44,713
Interest (638) (533)
Depreciation (6,222) (5,417)
Profit Before Tax 38,787 38,763
Provision for taxation (8,314) (7,035)
Profit after tax 30,473 31,728
Other Comprehensive Income (1) 98
Balance brought forward from previous year 106,118 72,367
Profit available for appropriation 136,590 104,193
Final Dividend Including tax (13,787)1 (5,807)2
Transfer from Share Option Outstanding Account 28 -
Transfer from General Reserve - 7,732
Transferred on merger of US branch with US subsidiary (2,042) -
Balance carried forward 120,789 106,118

1Dividend for the financial year ended March 31, 2016

2 Dividend for the financial year ended March 31, 2015


Your Directors are pleased to recommend a dividend of Rs 9/- per Equity Share (180%), payable to those Shareholders whose names appear in the Register of Members as on the Book Closure Date.


During the year under review, your Company allotted 6,286,011 equity shares on the exercise of stock options under various Employee Stock Option Plans. Consequently the issued, subscribed and paid-up equity share capital has increased from Rs 4,839.05 Million divided into 967,810,069 equity shares of Rs 5/- each to Rs 4,870.48 Million divided into 974,096,080 equity shares of Rs 5/- each.


Your Company represents the connected world, offering innovative and customer-centric information technology experiences, enabling Enterprises, Associates and the Society to Rise™. The Company has presence across 90 countries and helps over 840 global customers including many Fortune 500 companies. The Company's convergent, digital, design experiences, innovation platforms and reusable assets connect across a number of technologies to deliver tangible business value and experiences to the stakeholders. In the fiscal year 2016-17 the Company's consolidated revenues increased to Rs 291,408 Million from Rs 264,942 Million in the previous year, a growth of 10%. The geographic split of revenue was 47% share of Americas, 29% share of Europe and 24% from Rest of the World. The consolidated Profit including other income before Interest, Depreciation, Tax and Exceptional Items was at Rs 49,620 Million, against Rs 47,100 Million in the previous year. The consolidated Profit After Tax, amounted to Rs 28,509 Million as against Rs 30,266 Million in the previous year. The number of customers increased from 807 in the previous year to 843 at the end of fiscal year 2016-17.

In emerging areas of Big Data, Mobility, Network, Cloud, Security, Platforms and Engineering Services, Tech Mahindra is well placed with its breadth of service offerings. The Company has also progressed well in building intellectual property through various Products & Services and Platforms. The Company is committed towards building a synergistic relationship with its partners to enable, deliver, complete and customized solutions to customers.

Tech Mahindra is well positioned in the markets it serves with a broad range of service offerings and a diversified customer base. There are no material changes or commitments affecting the financial position of the Company between the end of the financial year and date of the report.


In the previous Financial Year 2015-16, your Company and Mahindra & Mahindra Limited (M&M) had jointly entered into an agreement with Pincar S.r.l., to purchase a controlling stake in Pininfarina S.p.A., an iconic 85 year old legendary Italian styling brand associated among others with Ferrari, Alfa Romeo and Peugeot. The acquisition was completed on May 30, 2016. The acquisition complements existing engineering capability of the Company with High-end styling and Engineering Services. As part of the agreement, your Company and M&M purchased 76.06% of Pininfarina shares from the then controlling shareholder Pincar S.r.l. at a price of Euro 1.1 per share through a Special Purpose Vehicle (SPV), the ownership of which is with your Company and M&M in the ratio of 60:40. During the year the Company augmented its Digital Portfolio with the acquisition in June 2016 of "The BIO Agency" (BIO), headquartered in UK. The BIO Agency – a leading Digital Change agent, specialises in Digital Transformation and Innovation, helping organizations change the way they engage with their end customers. The Company has embraced the future with its focus on Digital and sees this as an important strategic move. The acquisition will strengthen and enable your Company to engage with its clients at start of the journey and help design the customer experience for its businesses. Tech Mahindra purchased 100% of the shares of BIO for an Enterprise Value of around GBP 40 Million.

Your Company has acquired Target Group, UK, in May 2016 to augment its Platform Business- Process-as-a-Service (BPaaS) offerings in Banking, Financial Services and Insurance (BFSI). The acquisition is in line with Company's strategy of expanding its Fintech capabilities and adding IP and platforms to drive non linearity and play aggressively in the BFSI sector. Target Group's proprietary platform automates complex and critical processing, servicing and administration of loans, investments and insurance. The platform helps deliver high quality services with built in compliance in a highly complex and regulated environment. Its capabilities are easily transferrable to new markets. The Company intends to leverage its global footprint and enhance the platform to service other markets. As part of the agreement, Tech Mahindra purchased 100% of the shares of Target Group for an Enterprise Value of around GBP 112 Million.

The Board of your Company has approved a proposal on March 6, 2017 to acquire, through its wholly owned subsidiary Tech Mahindra (Americas) Inc., (TMA), CJS Solutions Group LLC, a US based Healthcare Information Technology Consulting Company, which does business as "The HCI Group". Accordingly, TMA executed a definitive agreement to acquire The HCI Group. The HCI Group works with some of the world's most prestigious tier – I healthcare service providers, primarily in the US and UK, focusing on providing end-to-end implementation of Electronic Health Record (EHR) and Electronic Medical Record (EMR) software, training and support. The acquisition aligns well with your Company's DAVID strategy where digitalization is one of the five pillars of future growth strategy. As part of the agreement TMA made the upfront investment of US$ 89.5 Million for the acquisition of 84.7% stake in CJS Solutions. The deal was concluded on May 4, 2017. The balance stake will be acquired over three years.


During the year the Board of Directors of the Complex IT Solution Consultoria Em Informatica S/A, in their meeting held on January 1, 2017, approved the scheme of its merger and arrangement applicable under article 227 of Law 6.404/76, with its parent Company viz, Tech Mahindra Servicos De Informatica LTDA a 100% subsidiary of the Company with effect from January 1, 2017.

Further, the Board of Directors of the Sofgen SaveTax SA, in their meeting held on February 22, 2017, approved the scheme of its merger and arrangement applicable under article 23 alinea 1 LFus, with its parent Company viz, Sofgen SA, Switzerland a 100% subsidiary of the Sofgen Holdings Limited with effect from November 1, 2016 and pursuant thereto the entire business and all the assets and liabilities, duties, taxes and obligations of Sofgen SaveTax SA have been transferred to and vested in the Sofgen SA with effect from November 1, 2016.

As on March 31, 2017, your Company has 166 subsidiaries which includes 127 step-down subsidiaries and 5 Associate Companies. There has not been any material change in the nature of the business of the subsidiaries. As required under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, (The Listing Regulations), with the Stock Exchanges and the Companies Act, 2013, the Consolidated Financial Statements of your Company and all its subsidiaries are provided in this Annual Report. The Consolidated Financial Statements have been prepared in accordance with Indian Accounting Standards (IND AS) - IND AS 110 and IND AS 28 issued by The Institute of Chartered Accountants of India and shows the financial resources, assets, liabilities, income, profits and other details of your Company and its subsidiaries and share in Associate Company as a single entity. The performance and financial position of the subsidiaries, associate companies and joint venture companies included in the consolidated financial statement is provided in accordance with the provisions of Section 129 read with Rule 5 of the Companies (Accounts) Rules, 2014 as a separate statement annexed to the Notes on Accounts containing the salient features of the financial statement of Company's subsidiaries/joint ventures or associate companies in Form AOC – 1.

Pursuant to Rule 8(5) (iv) of the Companies (Accounts) Rules, 2014, the names of the companies which have become or ceased to be the subsidiaries, joint ventures or associate companies during the year are provided in "Annexure I" to this report.

The policy for determining Material Subsidiaries formulated by the Board of Directors is disclosed on the Company's website and is accessible on http://www.


In 2016-17, the Company focused on delivering an integrated, mobile, social & digital experience to its associates. Aligning to the organization's goal of IT to DT, your Company introduced several internal HR digital interventions: An HR chat bot (UVO), Attrition Prediction through predictive analytics (TEWS), social collaboration on a news app (NeMo), seamless on-boarding experience for new hires (DOVE) and gami_cation (fun way of learning HR policies) among others. Wellness is another area where number of initiatives were undertaken to facilitate the wellbeing of associates.


Your Company is continuously creating career opportunities and developing associates for future responsibilities by measuring and tracking the CI Index. As digitization of society and business intensi_es, traditional IT is being rapidly replaced by Digital Technologies. With proliferation of newer and exciting technologies, IT companies need to constantly keep challenging status quo on technical competencies like AI, Big Data / Analytics, Machine Learning, IoT, Cloud, AR / VR etc., and adapt faster to stay relevant. Your Company has a sharp focus on Right / Re - skilling its associates (both experienced as well as freshers) to meet the competency / customer needs of the future. Tech Mahindra's Digital Training Framework is a comprehensive, layered framework that prepares associates all the way from "An introduction to Digital" to "Building Practitioners, Architects and Consultants". About 63,000 associates have been trained through this Framework. This includes about 45,000 who were certified as Digital Practitioners.

Your Company has also realized the need to move beyond pure Technical skills to succeed in an Experience-driven economy that resulted in nurturing multi-disciplinary associates who also understand aspects like Design Thinking, DevOps, Automation and Business Networking skills. This focus has positioned your Company to partner with leading global Enterprises in their transformation journey.

Building an Aspirational and Innovative mind-set

Initiatives like IRIS, a platform that nurtures ideation,

Mission Innovation – a month long celebration of innovation, and contests like

Appify that encouraged new app creation, helped spark the entrepreneurial spirit among associates of the Company.

Connecting, Collaborating and Empowering

While the Company build the requisite capabilities and ecosystem in Tech Mahindra, it has also been mindful of creating digital experiences for the associate. As part of Process Simpli_cation, the Company has been focussing on enhancing Associate Experience across various touchpoints – Recruitment, Induction,

Engagement and Career Progression. UVO (the HR Chatbot), NeMo (The News and More App), HR _ipbooks, simulation games, videos, mobility enabled approvals, enhanced digital processes, etc. have been a step in that direction.

Rewarding and Recognizing

Your Company believes that timely appreciation remains key to creating a happy organisation and recognized over 45,000 TechMighties through multiple channels. In line with the digitization focus, the entire Reward and Recognition process is digital and associates share their rewards and pride on their respective social networks.

Strive, Sustain and Safety

Your Company took various steps to ensure the safety and work-life balance of associates working at Tech Mahindra. The Associate Welfare Trust established for the associates, by the associates, helped 100 associates in their medical exigencies. Company's Mantra of "Wellness before Business" is reflected in the medical camps, wellness programs, work from home facility and numerous other facilities across all the large campuses. Your Company has established a robust Emergency contact process with toll free numbers across India, US, UK, and Australia and conducted self-defence training sessions across many locations. During the year under review, Tech Mahindra's people practices, policies and programs have been awarded in various external forums representing members from not just the Information Technology industry but the entire spectrum of the corporate world.

• The Business World HR Excellence Award

• HR Excellence Award from the Society for Human Resource Management

• Golden Peacock Award for HR Excellence

• CMO ASIA Award for Best Use of Social Media in Employer Branding, 2016

• Asia Branding Awards for Best Use of Technology in HR, Promoting Health in the Workplace, Best Use of Social Media, Excellence in Training, Learning and Development, Organization with Innovative HR practice

• NASSCOM Award for Best Practices in HR Technology, 2016

These awards and recognitions have positioned Tech Mahindra as an organization that puts people first, delivers future focused excellence in the field of People Management and recognizes the importance of human capital as a key driver of business growth.


Your Company continues its focus on quality and strives to exceed customer expectations at all times. It is certified under various standards to meet client demands and enhance value delivery - Successfully assessed at CMMI SVC V1.3 L5, TL9K, ISO 9001:2008, ISO 20000:2011, ISO 27001: 2013, ISO 13485, Auto Spice, AS9100:2009 (Standard for Aerospace domain – scope of certification limited to the aerospace business within Tech Mahindra). In addition to these, your Company also maintains its commitment to health, safety and environment by continually improving its processes in accordance with ISO 14001 and OHSAS 18001 standards.

Your Company is also certified on ISO 22301:2012 (Societal Security) and has a comprehensive Business Continuity and Disaster Recovery framework, to prevent potential business disruptions in the event of any disaster. It has processes that will help resume services to customers' acceptable service levels. Automated Service Desk with SLAs for enabling business and Vulnerability Assessment and Penetration Testing Lab for secured corporate network operations are highlights showcasing information security posture of the Organization.

Tech Mahindra (IT Division) has been assessed for implementation of high maturity business excellence practices' at Mahindra Group (Services Sector). It has been assessed at TMW Maturity Stage 5 (on scale of 1-10 stages) of Mahindra Business Excellence Framework – The Mahindra Way.

These certifications are testimony of the robustness of business processes and at large the quality culture imbibed in the organization.

Your Company has also introduced Process/Practice and Tools Industrialization of various Engineering activities for Development, Testing and Managed service portfolio to achieve standardization, better efficiency and best practices being implemented across the businesses. Your Company has continued to strengthen the process for transforming Quality Assurance processes to Delivery Assurance processes with focus on Product Assurance and Architecture Assurance; these are measured_ and monitored through various indices. One such initiative is "Execution Excellence Index" focusing on achieving high project maturity, improved tools usage and standardization, knowledge management and performance on key business metrics,_ in order to strengthen further the Business Excellence in what we deliver to the customers, thereby achieve better Customer satisfaction. Your Company is putting all the initiatives in place in order to ensure we deliver as stated in Quality Policy.


During the year under review all Independent Directors have given declarations that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and Regulation 16(1) (b) of the Securities and Exchange Board of India (Listing Obligations And Disclosure Requirements) Regulations, 2015.

Pursuant to the provisions of Section 152 (6) (c) of the Companies Act, 2013, Mr. Ulhas N. Yargop, Director (DIN: 00054530) is liable to retire by rotation and offers himself for reappointment.

Board Evaluation

Pursuant to the provisions of the Companies Act, 2013 and Regulation 19 read with Schedule II, Part D of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board has devised a policy on evaluation of performance of Board of Directors, Committees and Individual directors. Accordingly, the Chairman of the Nomination and Remuneration Committee obtained from all the board members duly filled in evaluation templates for evaluation of the Board as a whole, evaluation of the Committees and peer evaluation. The summary of the evaluation reports was presented to the respective Committees and the Board for their consideration.

Policy on Directors' Appointment and Remuneration

The Governance policies laid down by the Board of Directors of your Company include: i. Policy on appointment and removal of Directors, Key Managerial Personnel and Senior Management ii. Policy on remuneration to the Directors, Key Managerial Personnel and Senior Management and other Employees The extract of these two policies are provided in

"Annexure II".


The Company has laid down a policy on training for Independent Directors, as part of the governance policies. The Senior Leadership of the Company update the directors on the regulatory changes, Business strategy and operations periodically.

Key Managerial Personnel (KMPs)

Pursuant to provisions of Section 203 of the Companies Act, 2013, Mr. C. P. Gurnani, Managing Director & Chief Executive Officer, Mr. Milind Kulkarni, Chief Financial Officer and Mr. G. Jayaraman, Company Secretary & Chief Compliance Officer were the Key Managerial Personnel of the Company during the year.

Mr. G Jayaraman, Company Secretary & Chief Compliance Officer retired from the services of your Company on March 31, 2017. Mr. Anil Khatri has been appointed as Company Secretary and Compliance Officer, effective April 1, 2017, and he is a Key Managerial Personnel under Section 203 of the Companies Act, 2013.


Pursuant to Section 134(5) of the Companies Act, 2013, your Directors, based on the representation(s) received from the Operating Management and after due enquiry, confirm that: i. in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any; ii. they have, in the selection of the accounting policies, consulted the Statutory Auditors and these have been applied consistently and, reasonable and prudent judgments and estimates have been made so as to give a true and fair view of the state of affairs of the Company as at March 31, 2017 and of the profit of the Company for the year ended on that date; iii. proper and sufficient care had been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; iv. the annual accounts have been prepared on a going concern basis; v. they had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; vi. the proper systems to ensure compliance with the provisions of all applicable laws are in place and are adequate and operating effectively.


The Company has internal financial controls which are adequate and were operating effectively. The controls are adequate for ensuring the orderly & efficient conduct of the business, including adherence to the Company's policies, the safe guarding of assets, the prevention & detection of frauds & errors, the accuracy & completeness of accounting records and timely preparation of reliable financial information.


M/s.DeloitteHaskins&SellsLLP,CharteredAccountants, [Firm's Registration No. 117366W/W-100018] the Statutory Auditors of your Company (‘Deloitte'), hold office up to the conclusion of the forthcoming Annual General Meeting (AGM) of the Company. Deloitte has been auditor of the Company for more than 10 years and will complete permissible maximum number of 3 consecutive years after the commencement of the Companies Act 2013, as statutory auditors at the forthcoming AGM. As such, pursuant to the provisions of Section 139(2) of the Companies Act 2013 read with Rule 6 of Companies (Audit and Auditors) Rules 2014, the Audit Committee recommended M/s B S R & Co. LLP, Chartered Accountants, [Firm's Registration No. 101248W/W-100022] in place of the incumbent auditor whose term will expire at the conclusion of this AGM. Your Company has received a written confirmation from M/s. B S R & Co. LLP, Chartered Accountants, to the effect that their appointment, if made, would satisfy the criteria provided in Section 141 of the Companies Act, 2013. Your Board recommends the appointment of M/s. B S R & Co. LLP, Chartered Accountants as Statutory Auditor for a term of five years from the conclusion of the forthcoming Annual General Meeting until the conclusion of the Annual General Meeting for the financial year 2021-22 subject to rati_cation by members at every Annual General Meeting and to fix their remuneration. There are no qualifications, reservation or adverse remark or disclaimer made in the audit report for the Financial Year 2016-17. The board of directors places on record its sincere appreciation for the valuable services rendered by Deloitte.


Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company had appointed Dr. K. R. Chandratre, Practicing Company Secretary, Pune to undertake the Secretarial Audit of the Company. The Secretarial Audit Report is provided as "Annexure III". There are no qualifications, reservation or adverse remark or disclaimer made in the Secretarial Audit Report.


Pursuant to the provisions of Section 134(3) (a) of the Companies Act, 2013, the extract of the Annual Return in Form MGT-9 is attached as "Annexure IV".


Disclosures of the ratio of the remuneration of each director to the median employee's remuneration and other details as required pursuant to Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 as amended from time to time, are provided as "Annexure V".

None of the directors or Managing Director of the Company, received any remuneration or commission from Subsidiary Companies of your Company.

The details of remuneration paid to the Directors including the Managing Director of the Company are given in Form MGT-9 forming part of the Directors Report.


The information required under Section 197(12) of the Companies Act, 2013 ("the Act") read with Rule 5(2) &

(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 forms part of this Report. However, pursuant to first proviso to Section 136(1) of the Act, this Report is being sent to the Shareholders excluding the aforesaid information. Any shareholder interested in obtaining said information, may write to the Company Secretary at the Registered Office / Corporate Office of the Company and the said information is open for inspection at the Registered Office of the Company.

Prevention of Sexual Harassment Policy

Your Company laid down Prevention of Sexual Harassmentpolicyanditismadeavailableonthewebsite of the Company. The Company has zero tolerance on Sexual Harassment at workplace. During the year under review there were no cases filed pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.


During the year under review, there were no material changes in the Employee Stock Option Plans (ESOPs) of the Company and the Schemes are in compliance with the SEBI Regulations on ESOPs. As per Regulation 14 of SEBI(Share Based Employee Benefits) Regulations, 2014 read with SEBI circular dated June 16, 2015 the details of the ESOPs are uploaded on the Company's website http:// investors/corporategovernence/Details-of-ESOPs.pdf


A report on Corporate Governance covering among others composition, details of meetings of the Board and Committees along with a certificate for compliance with the conditions of Corporate Governance in accordance with the Securities and Exchange Board of India (Listing Obligations And Disclosure Requirements) Regulations, 2015, issued by the Statutory Auditors of the Company, forms part of this Annual Report.


A detailed analysis of your Company's performance is discussed in the Management Discussion and Analysis Report, which forms part of this Annual Report.


The Risk Management Committee of the Board of

Directors periodically reviews the Risk Management framework, identifies risks with criticality and mitigation plan. The elements of risk as identified for the Company with impact and mitigation strategy are set out in the Management Discussion and Analysis Report (MDA).


Your Company has laid down Whistle Blower Policy covering Vigil Mechanism with protective Clauses for the Whistle Blowers. The Whistle Blower Policy is made available on the website of the Company.


Your Company has not accepted any deposits from the public during the year under review. The particulars of loans/advances, guarantees and investments under Section 186 of the Companies Act, 2013 are given in the notes forming part of the Financial Statements.


All transactions entered into with Related Parties as defined under Section 2(76) of the Companies Act, 2013 and Regulation 23 of the Securities and Exchange Board of India (Listing Obligations And Disclosure Requirements) Regulations, 2015, ("The Listing Regulations"), during the financial year were in the ordinary course of business and at an arm's length pricing basis and do not attract the provisions of Section 188 of the Companies Act, 2013. There were no transactions with related parties in the financial year which were in conflict with the interest of the Company and requiring compliance of the provisions of Regulation 23 of the Listing Regulations. Suitable disclosure as required by the Indian Accounting Standards (Ind AS 24) has been made in the notes forming part of the Financial Statements.

The Company has formulated a policy on materiality of Related Party Transactions and dealing with Related Party Transactions which has been uploaded on the Company's website http://www.techmahindra. com/sites/ResourceCenter/Brochures/investors/ corporategovernence/Related-Party-Transactions-Policy.pdf The particulars of related party transactions in prescribed Form AOC - 2 are attached as "Annexure VI".


The particulars as prescribed under Section 134(3) (m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 are provided in "Annexure VII" which forms part of this report.


The CSR vision of your Company is "Empowerment through Education."

In compliance with the guidelines prescribed under Section 135 of the Companies Act, 2013, your Company constituted a Corporate Social Responsibility (CSR) Committee. Your Board of Directors laid down the CSR Policy, covering the Objectives, Focus Areas, Governance Structure and Monitoring & Reporting Framework among others. The policy is available at Your Company's social initiatives are carried out by Tech Mahindra Foundation and Mahindra Educational Institutions.


The Tech Mahindra Foundation, the CSR arm of the Company, established in 2007 as a Section 25 Company of the erstwhile Companies Act, 1956, works towards the stated mission:

"Educated, skilled and able women and men are a country's true strength."

The Foundation has a presence in 10 states and 12 cities across the country. The organisation successfully ran projects in 144 centres during the last financial year. The activities of the Foundation have directly impacted more than 50,000 beneficiaries till date.

School Education

The Foundation's work in school education focuses upon three thematic areas: school improvement, educator empowerment and learning enrichment. The key initiatives include:

All Round Improvement in School Education (ARISE)

Tech Mahindra Foundation's educational initiatives under ARISE are long-term school improvement programmes, run in partnership with local governments and partner organisations. The Foundation is working with 18 schools across India reaching 8600 beneficiaries.

All Round Improvement in Special Education (ARISE+)

ARISE+ initiatives encompass educational empowerment programmes for children with disabilities. This year, the Foundation ran 18 projects with 7033 beneficiaries under ARISE+. Along with supporting these projects, the Foundation also works with institutions developing content and learning material for children with disabilities such as the publication of braille books.


The Shikshaantar programme works towards building capacity of government school teachers, principals and school inspectors. The Shikshaantar programme covered 7 projects and reached 7160 beneficiaries last year. The In-Service Teacher Education Institute (ITEI) is run in the PPP model with the East Delhi Municipal Corporation.


Skills for Market Training (SMART) is the Foundation's flagship programme in employability. It is built on the vision of an educated, enlightened and employed India, and a belief that educated and skilled youth are the country's true strength. The programme started with 3 Centres in 2012 is currently running 80 centres at 10 locations across India. These include SMART Centres, SMART+ Centres (training for people with disabilities), SMART-T Centres (training in technical trades) and the first SMART Academy for Healthcare in Delhi.

The Academy will provide quality training to allied health professionals such as operation theatre technicians, emergency medical technicians, dialysis and X-Ray technicians etc. More than 200 students were enrolled in courses of varying durations in the first year.

During the year under review, the Foundation trained more than 17,000 young women and men under its SMART programme through 80 SMART centres. Over 70% of the graduates are placed in jobs upon successful completion of the training, across multiple industries.

Mahindra Educational Institutions (MEI) Technical Education

Your Company's initiatives in technical education are carried out through Mahindra Educational Institutions (MEI), under which the Company has extended infrastructural and operational support to Mahindra

Ecole Centrale, a state of-the-art technical institution in Hyderabad. The institution offers a four-year B Tech Programme in association with Ecole Centrale, Paris (now Centrale Suplec) under an industry academia memorandum of understanding with Jawaharlal Nehru Technological University, Hyderabad. Now this association has entered into fourth academic year after a successful three year presence on the technical education landscape of the country.

This high impact, Indo-French collaboration in engineering education has emerged as a disruptive player with its keen focus on Industry-aligned and industry-sponsored education; all Ph.D. faculty roster, global internships and a distinct curriculum that includes the French language. The institution's vision is to train engineers to be entrepreneurial and innovative as well as technically trained, so that they are capable of meeting the greatest challenges of the era. It is aligned to MEI's work for the cause of promoting quality higher education by establishing institutions of higher learning, encourage education and research work in different disciplines and to promote innovation and technology development.

The Annual Report on CSR activities is provided as

"Annexure VIII".


Your Company believes that only a sustainable business can be a responsible business and hence the Company concentrates on integrating sustainability into all aspects of the business. Sustainability is one of the core concepts taken into consideration while leveraging strategies across all dimensions - social, economic and environmental. The focus on next generation solutions, attracting and retaining the right talent and identifying the Company's environmental goals ensure that the Company adheres to a business strategy that impacts positively and creates an enduring value for all the stakeholders.

As the world moves towards a low carbon economy and increasingly stringent regulations, your Company is also shifting to greener renewables and working towards being more energy-efficient and mitigate the environmental impact.

Carbon management strategy involves:

• Identifying risks related to climate change and plans to mitigate them

• Setting targets for reducing the carbon emissions (Scope 1, 2 and 3)

• Minimizing the emissions by improving operational efficiencies

• Investing in technological innovations such as cloud based solutions and platforms which helps the Company and its customers reduce their carbon emissions

• Working with its suppliers to understand opportunities to improve the supply chain footprint

• Sharing the knowledge of carbon accounting, management and reporting from the client work and operational experiences across the business to accelerate best practice for everyone

• Installing sources of renewable energy at major locations of operations The Company has been reporting its Sustainability performance since 2013-14 even as it had been part of the combined M&M reports in the previous years. These reports are externally assured in accordance with the latest guidelines of the internationally accepted Global Reporting Initiative (GRI). The detailed reports can be accessed at company/Sustainability.aspx During the year under review, the Company developed a 5-year roadmap which includes targets taken for critical material issues identified in the business operations. The emphasis is on increased use of renewable resources, improved energy efficiency, promotion of innovative solutions and harnessing the expertise of its employees by ensuring their well-being and development. The Company advocates the cause of a green eco-system through Green Marshals, a band of dedicated associates who spearhead the cause of environment and advocate sustainability across the organization. Your Company has helped its customers realize their sustainability objectives through its spectrum of Green services. The Company's culture ensures that it attract, mentor and retain the best talent through effecting an assured career development path and a feasible work-life balance.

The recent leadership position as give below across platforms such as DJSI, CDP and FTSE Rankings, affirm the Company's efforts and organizational strategy on sustainability.

• One of only 6 Indian Companies included in the DJSI Sustainability Yearbook 2017

• One of the only 3 Indian companies to make it to

DJSI World Index 2016

• One of the 10 Indian Companies to make it through the DJSI Emerging Markets Index 2016

Listed in the CDP's Carbon Disclosure A list 2016 – one of only 2 Indian companies

• Recognised as CDP Global Supplier A List 2017

• Constituent of the FTSE4Good Emerging Index 2016


Your Company continued its quest for excellence in its chosen area of business to emerge as a true global brand.Severalawardsandrankingscontinuetoendorse your Company as a thought leader in the industry. BT India recognized Mr. C. P. Gurnani, Managing Director & Chief Executive Officer as the Best CEO in IT and ITES industry. The Awards / recognitions received by the Company during the year 2016-17 include:

• India Risk Management Award-CNBC TV 18

• Golden Peacock Award for Corporate Ethics

• One Globe Award for Digital Economy

• Top IT Exporters Award as part of HYSEA Summit & Awards

• Tech Mahindra Foundation received the Best CSR Practices Award and Best Corporate Foundation Award

• ASSOCHAM Second Corporate Governance Excellence Awards

• Drivers of the Digital Awards 2016 honors Tech Mahindra with "Best Digital Enterprise of the Year"

• Mr. C. P. Gurnani won the Asia One Global Indian of the year –Technology

• Recognized in 5 categories at 7th Asia Best employer Brand Awards 2016

• Awarded at NASSCOM HR summit for Excellence in HR Technology Adoption

• Firm Of the Year – IT/ITES at the CNBC TV18 India Risk management Awards

• Frost & Sullivan India ICT Awards 2016

• Golden Peacock Excellence Award – 2016 for outstanding Business Excellence Practices for its BSG division

• Coveted Economic Times Telecom Award 2016


Your Directors place on record their appreciation for the contributions made by employees towards the success of your Company. Your Directors gratefully acknowledge the co-operation and support received from the shareholders, customers, vendors, bankers, regulatory and Governmental authorities in India and abroad.

For and on behalf of the Board
Place: Mumbai Anand G. Mahindra
Date: May 26, 2017 Chairman


1. Subsidiaries formed/acquired :

Name of the Company

1 Tech Mahindra Norway AS

2 Tech Mahindra Sweden AB

3 Comviva Technologies Madagascar Sarlu

4 Terra Payment Services S.A.R.L

5 Comviva Technologies Colombia S.A.S

6 Terra Payment Services S.A.R.L

7 Terra Payment Services Botswana (Proprietary) Limited

8 Terra Payment Services (UK) Limited

9 Terra Payment Services S.A.R.L

10 Terra Payment Services (Mauritius)

11 PF Holdings B.V.

12 Pininfarina S.p.A.

13 Pininfarina Extra S.r.l.

14 Pininfarina of America Corp.

15 Pininfarina Deutschland Holding Gmbh

16 Pininfarina Deutschland Gmbh

17 Pininfarina Automotive Engineering (Shanghai) Co Limited

18 Tech Mahindra Fintech Holdings Limited

19 Target Topco Limited

20 Target Group Limited

21 Target Servicing Limited

22 Target Financial Systems Limited

23 Elderbridge Limited

24 Harlosh Limited

25 Harlosh NZ Limited

26 Target Financials Solutions Limited

27 Target Computer Group Limited

28 Target Group Trustee Company Limited

29 Target TG Investments Limited

30 The Bio Agency Limited

31 Tech Mahindra Vietnam Company Limited

2. Subsidiaries Ceased :

1 TechM Canada Inc.

2 Compania Sofgen SRL

3 Sofgen Luxembourg SARL

4 Sofgen SA

5 Sofgen Australia Pty Limited

6 Merlin Projects, Limited

7 Complex IT Solution Consultoria EM Informatica S/A.

8 Sofgen SaveTax S.A

3. Joint Ventures / Associate Companies :

A Formed / Acquired:

Goodmind S.r.l.

B Ceased:

_ Nil



The Nomination & Remuneration Committee (NRC) determines the criteria for appointment to the Board and is vested with the authority to identify candidates. In evaluating the suitability of individual Board member, the NRC will take into account multiple factors, including general understanding of the business, education, professional background, personal achievements, professional ethics and integrity. Based on recommendation of the NRC, the Board will evaluate the candidate(s) and decide on the selection of the appropriate member. The Board through the Chairman / the NRC/ VC / MD & CEO will interact with the new member to obtain his/her consent for joining the Board. Upon receipt of the consent, the new Director will be co-opted by the Board in accordance with the applicable provisions of the Companies Act, 2013 and Rules made there under.


The authority to identify right candidates for the appointment of CFO and CS is vested with the MD & CEO. The HR will facilitate in identifying the candidates internally or externally. NRC will consider the candidates proposed by the MD & CEO and recommend to the Board for its consideration and appointment in accordance with the applicable provisions of the Act and Rules.

In case of VC / MD / CEO's appointment, NRC will initiate the process of identifying the new candidate, which can be an internal or external candidate, for the respective position. After identification and screening of the candidate, NRC will propose the candidature to the Board for its consideration and for appointment subject to the approval of the Shareholders and Regulatory Authority, if any.

Senior Management Personnel

The Senior Management personnel are appointed and removed/relieved with the authority of VC / MD & CEO based on the business need and the suitability of the candidate. The details of the appointment made and the personnel removed/relieved during a quarter shall be presented to the Board as part of update on Corporate Governance.

Removal of Directors and KMPs

If a Director or a KMP is attracted with any disqualification as mentioned in any of the applicable Act, rules and regulations thereunder or due to non-adherence to the applicable policies of the Company, the NRC may recommend to the Board with reasons recorded in writing, removal of a Director or a KMP subject to the compliance of the applicable statutory provisions.


The NRC shall decide the basis for determining the compensation to the Non Executive Directors, including Independent Directors, whether as commission or otherwise. The NRC shall take into consideration various factors such as director's participation in Board and Committee meetings during the year, other responsibilities undertaken, such as membership or Chairmanship of committees, time spent in carrying out their duties, role and functions as envisaged in Schedule IV of the Companies Act, 2013 and the Listing Agreement with Stock Exchanges and such other factors as the NRC may consider deem fit for determining the compensation. The Board shall determine the compensation to Non-Executive Directors within the overall limits specified in the Shareholders resolution.

Executive Directors:

The remuneration of MD & CEO shall be recommended by NRC to the Board. The remuneration consists of both fixed compensation and variable compensation and shall be paid as salary, commission, performance bonus, perquisites and fringe benefits as approved by the Board and within the overall limits specified in the Shareholders resolution. While the fixed compensation is determined at the time of appointment, the variable compensation will be determined annually by the NRC based on their performance.

The Company may also grant Stock Options to the Directors subject to the compliance of the applicable statutes and regulations.

Remuneration to Senior Management Personnel and Other Employees:

The Company follows an extensive performance management system to review the performance of the employees /Senior Management and provide rewards on the basis of meritocracy.

The overall remuneration to the employees includes a fixed component (Guaranteed Pay) and a variable component (Performance Pay). The percentage of the variable component increases with increasing hierarchy levels, as the Company believes employees at higher positions have a far greater impact and influence on the overall business result. The CTC is reviewed once every year and the compensation strategy for positioning of individuals takes into consideration the following elements : Performance Potential Criticality Longevity in grade The remuneration for KMPs - CFO and CS will be proposed by the MD & CEO to the NRC consistent with the strategy of the Company and their Qualifications, Experience, Roles and Responsibilities. Pursuant to the provisions of Section 203 of the Companies Act, 2013, the Board shall approve the remuneration.

The remuneration for the Senior Management personnel shall be proposed by CPO, approved by MD & CEO and reported to NRC periodically.

Remuneration for the new employees other than KMPs and Senior Management Personnel will be decided by the HR, in consultation with the concerned business unit head at the time of hiring, depending upon the relevant job experience, last compensation and the skill-set of the selected candidate.

The CPO shall make a presentation to the NRC on the proposed annual increments based on the performance of the Company, general trends in the Industry, the annual performance appraisal process of the employees conducted by the Human Resources department, etc., during the financial year. Eligible employees will be rewarded with the annual increment. Before taking the proposal to the NRC, the CPO shall obtain the approval of Vice Chairman/MD and CEO.

The Stock Option grants to the employees are approved by the NRC based on the recommendation of the Advisory Council.

For and on behalf of the Board
Place: Mumbai Anand G. Mahindra
Date: May 26, 2017 Chairman



1&2) Ratio of the remuneration of each director to the median remuneration of the employees of the Company and the percentage increase in remuneration of Directors & KMPs in the Financial Year :

Sr. No. Name of the Director/ KMP Designation Ratio of Remuneration of each Director to Median Remuneration of Employees Percentage increase in Remuneration during FY 2016-17
1 Mr. Anand G. Mahindra Chairman NA 0%
2 Mr. Anupam Puri Independent Director 18.26 (2%)
3 Mr. M. Damodaran Independent Director 36.29 (7%)
4 Mrs. M. Rajyalakshmi Rao Independent Director 13.71 4%
5 Mr. Ravindra Kulkarni Independent Director 17.51 (73%)
6 Mr. T. N. Manoharan Independent Director 17.51 (75%)
7 Mr. Ulhas N. Yargop Non Executive Director 61.85 34%
8 Mr. V. S. Parthasarathy* Non Executive Director 12.93 51%
9 Mr. Vineet Nayyar* Vice Chairman 469.01 787%
10 Mr. C. P. Gurnani Managing Director & Chief Executive Officer 3537.72# 233%
11 Mr. Milind Kulkarni Chief Financial Officer 59%
12 Mr. G. Jayaraman Company Secretary & Chief Compliance Officer 83%

# Due to inclusion of perquisite value of 24 lakhs Stock Options granted in January 2011 & 6 lakhs Stock Options granted in January 2014.

NOTE: The ratio and the percentage would be as under, if the perquisite value on stock options exercised by those Directors & KMPs is excluded from the remuneration.

Sr. No. Name of the Director/ KMP Designation Ratio of Remuneration of each Director to Median Remuneration of Employees Percentage increase in Remuneration during FY 2016-17
1 Mr. M. Damodaran Independent Director 13.71 (2%)
2 Mr. Ulhas N. Yargop Non Executive Director 18.26 7%
3 Mr. Vineet Nayyar* Vice Chairman 82.21 56%
Managing Director & 82.93 54%
4 Mr. C. P. Gurnani
Chief Executive Officer
5 Mr. Milind Kulkarni Chief Financial Officer 11%
6 Mr. G. Jayaraman Company Secretary & Chief Compliance Officer (4%)

* Remuneration for FY 2015-16 is for part of the year hence not comparable

3) The median remuneration of employees of the Company Rs 0.426 Million. (includes BPO employees' salaries during the financial year was: since Tech Mahindra BPO Limited was merged with the Company).
4) Percentage increase in the median employees in the financial year : remuneration of (19%) The drop in percentage is not comparable as the current year Median Remuneration of Employees includes the salaries of Tech Mahindra BPO employees due to its merger with the Company.

5) Number of permanent employees on the rolls of 85,839 Company as at March 31, 2017 :

6) Average percentile increase already made in the salaries An increase of 0.36% was given to the employees of employees other than the managerial personnel during the year. There was an increase of 201% in in the last financial year and its comparison with the the remuneration of Managerial Personnel mainly percentile increase in the managerial remuneration on account of exercise of stock options granted and justification thereof and point out if there are any earlier. exceptional circumstances for increase in the managerial remuneration:

7) The key parametrs for any variable component of Executive Directors - Nomination and Remuneration remuneration availed by the Directors : Committee determines the variable compensation annually based on their individual and organisation performance.

Non-Executive Directors - Parameters such as responsibilities undertaken, Membership or Chairmanship of the Committees, time spent in carrying out of duties etc.

8) Affirmation that the remuneration is as per the Yes remuneration policy of the Company:

For and on behalf of the Board
Place: Mumbai Anand G. Mahindra
Date: May 26, 2017 Chairman

Annexure VII



Your Company uses electrical energy for their equipment such as air conditioners, computer terminals, lights and other utilities at work places. As an on-going process, the Company continued to undertake the following measures to conserve energy and environment:

1. Power savings of 4.89% per associate per annum achieved in 2016-17 when compared to base year 2013-14 through effective operational controls and close monitoring of utilization.

2. Generated 3130175 kWh_ of_ green power through solar_powerfiat_Pune, Chennai and Hyderabad, which lead to reduction of GHG emissions.

3. Consolidation of AC chiller plant in Bangalore would bring system efficiency and resultant savings.

4. Replacing _orescent lamps with LED lamps in a phased manner.

5. Recycling of wet waste through Vermi-compost yielded 37.5 tons of manure which was used for landscaping.

6. Treated 420949 kl grey water across Pune, Hyderabad, Chennai, Bangalore and Vizag which is used for landscaping.

7. 149.6 Tons of e-waste and 4017 batteries disposed to Pollution Control Board Authorised vendor.


(i) & (ii) The efforts made by your Company towards technology absorption and the benefits in different segments are given below:


Indoor Environment Monitoring Solution:

The Company has developed cloud-based framework and solutions which address the need to monitor indoor environment conditions for varied industry requirements. This framework is flexible and has derivative use-cases in Logistics, Healthcare, Pharma and Data Centre Monitoring.

SMART CITY Solutions:

Smart Parking: The Company has developed Camera based counting and Sensor based solutions for smart parking that are technically robust and provide a real business value for customers. Both the solutions can accurately predict the available parking spots in real time. It enables intelligent decisions using real-time status as well as historical analytics reports. The solution has ability to deliver content over web portal and mobile devices.

Smart Lighting: The Company offers range of smart lighting solution with control features such as monitoring real time energy consumption, daylight harvesting and demand-based lighting optimization for multiple zones. The Smart lighting solution is meant to optimize the energy usage, notifying the predictive maintenance, fault detection and trend analysis. The solution includes user-friendly web as well as Mobile based UI for monitoring and reporting. These smart features also help the city councils & authorities in reducing their carbon footprints.

Waste Management Solution: It's an End-to-End smart waste management solution with Door to Door collection tracking and monitoring using RFID (Radio Frequency Identification) based technology. The solution includes installation and monitoring of Bin level sensors at semi underground bin locations, setting up of Command Centre, providing GIS view of the bins and municipal dumpsters and integrating the waste management application with Waste to energy plant application and VTMS. This solution enables the city authorities to track the end to end life cycle of city waste from collection to disposal remotely from the command center, and also provides a view of energy generated from the waste collected.

Smart Pole: This solution integrates multiple services like Streetlight, CCTV camera, Digital

Signage and Public Wi-Fi and enables integrated view of these services on a single platform in the Command & Control Center. The solution demonstrates our capability in implementing "multiple services platform" and enables the city councils and authorities in saving additional investments required on infrastructure layouts.

Intelligent Risk Management Solution (IRMS): Monitors temperature, pressure and water leakage conditions of pipes and boilers at various properties remotely and provide real time alerts and notifications in case these parameters are not within the configured threshold limits. The objective of this solution is to reduce or minimize insurance claims due to leakage or bursting of pipes which can be proactively monitored using IRM solution.


DEAP: DEAP is an Enterprise Grade Application Platform for development, management and distribution of digital products and services. DEAP provides a "no-coding required" ready connectors for back end integration that speeds up the deployment process by 2x. It offers an IDE to develop front end applications, ready connectors at backend to connect with systems (CRM, ERP etc.) and a market place to publish apps.

MATE:Your Company's MATE (Mobile Application Testing Ecosystem) is a suite of solution and services and presents a robust means for end-to-end testing of mobile applications. Along with a centrally hosted test infrastructure that is globally accessible, MATE lab offers mobile application testing and test automation as a service. MATE lab is hosted in secure DMZ at our Noida facility in India.

Branchless Banking: Company's Branchless banking solution offers financial services outside of traditional bank branches which rely on widespread network of agents or retail locations by equipping them with a_ PoS_ device and the associated support. It helps the banks to increase penetration at reduced operations cost, easy on boarding of customer and faster service to customers. It was successfully deployed in Africa and Asia.



The ConnectSense mHealth Digital Platform enables a world where wellness, diagnostics, prognostics and recovery will seamlessly extend outside hospitals into people's homes and lives. It promotes Hospital-Doctor-Patient engagement and uses Digital Convergence technologies to allow patients to live a happier and healthier life. The ConnectSense mHealth transforms the entire healthcare ecosystem as given below: Payers: Pay for Value over Volume of Care Hospitals: Better care for more patients Doctors: Technology for remote, constant monitoring of patients Patients: Anytime, anywhere monitoring

Healthcare Gami_cation

An AI based healthcare game that encourages the patient to take physical exercise. The game functions through multiple sensors and it captures all the data about patient's physical performance and stores it in cloud, later it analyses the cloud data and provides accurate report about the patient and his physiotherapy.


Vistamon (Vigilance and Status Monitoring) is on point in a world where industries worldwide are adopting Integrated Solutions. Originally built for the aerospace industry, this solution leverages the principles of IoT and advanced analytics which enable remote condition monitoring, diagnostics and performance optimization. These can be easily extended to other asset-intensive industries including rail transportation, power generation systems and more.


Your Company provides an enterprise engagement platform strategy and vision that enables OEMs to effectively coordinate and integrate the data and activities of various divisions, programs, dealers and vendors across the ecosystem. Company's Digital Marketing Platform helps OEMs reach wider & bigger audiences, acquire and retain customers, up-sell and cross-sell products and services, support dealers, etc.

FQCC (Field Quality and Cost Control Framework)

The FQCC bridges the critical gap between product failure identification, diagnosis & resolution and closes the loop between Customer Service, Quality, Production, Sourcing, and Engineering departments. Visibility into on-field information from the point of failure to source of failure and suppliers helps OEMs in:

1. Reducing Detection to Correction (DTC) times by 25 to 50 percent.

2. Reducing overall warranty related costs by 10 to 20 percent.

3. Improving Early warning by up to 50 percent.

Your Company's new-gen Field, Production Quality and Predictive Analytics solution streamlines Quality Costs and provides end-to-end actionable insight across Quality Improvement process.

(iii) Information regarding imported technology (Imported during last three years)

Details of technology imported Technology import from Year of import Status implementation / absorption
HoloLens Procured from US 2016 Proof of Concept (PoC) has not been started

(iv) The expenditure incurred on research and development - Rs 78.43 Million


1. Initiatives like increasing exports, Development of new 94% of the total revenue of the Company is
export markets etc., to increase foreign exchange from exports.
2. Foreign Exchange Earnings Rs 218,596 Million
3. Foreign Exchange outgo Rs 132,501 Million


For and on behalf of the Board
Place: Mumbai Anand G. Mahindra
Date: May 26, 2017 Chairman


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