Shares of Mindtree Ltd. rose after the mid-sized software services exporter signed a five-year deal with a leading wind turbine maker.
The Nordex Group has chosen Mindtree as its business transformation partner to simplify, modernise and transform its entire IT landscape globally, while providing scalability to support the company's growth plans, according to an exchange filing by the Indian company. The size of the deal, however, wasn't disclosed.
“Demand for wind power will continue to grow and so will Nordex. Delivering to our expanding international customer base reliably and securely will require standardisation and simplification of our underlying systems. We will design a scalable digital architecture that enables us to deliver with speed and agility,” Stefan Ewald, CIO of the Nordex Group, which has installed wind power capacity of over 30 gigawatt in more than 40 markets, was quoted as saying in the filing.
To align the Nordex Group's IT infrastructure with its strategic vision across the complete value chain, Mindtree will support the full stack transformation of its current IT operations and service delivery. “The scope includes the standardisation and roll out of new projects and operational processes, consolidation of existing IT services and development of a future-ready cloud platform which maintains a robust cybersecurity posture,” Venu Lambu, executive director and president, global markets at Mindtree, was quoted as saying in the filing. “Mindtree will bring its digital expertise and world-class, industry-acknowledged platforms and capabilities through the use of cloud and internet of things technologies.”
Shares of Mindtree ended 2.8% higher at Rs 1,395.8 apiece after the deal was announced. The stock gained for the second straight day.
Of the 35 analysts tracking Mindtree, 17 have a ‘buy' rating, six suggest a ‘hold' and the rest recommend a ‘sell'. The stock has surpassed its 12-month Bloomberg consensus price target of Rs 1,377.7 apiece in Monday's trading session.
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