The company made this announcement after market hours on Thursday, 16 August 2012.
Meanwhile, the BSE Sensex was up 37.06 points or 0.21% to 17,694.27.
On BSE, 19.89 lakh shares were traded in the counter as against average daily volume of 8.63 lakh shares in the past one quarter.
The stock hit a high of Rs 99.80 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 96.65 so far during the day. The stock had hit a 52-week low of Rs 62.10 on 26 August 2011.
The stock had outperformed the market over the past one month till 16 August 2012, surging 20.11% compared with the Sensex's 3.24% rise. The scrip had also outperformed the market in past one quarter, jumping 39.61% as against Sensex's 10.15% surge.
The IT company has equity capital of Rs 235.37 crore. Face value per share is Rs 2.
Motor Vehicle Enterprise Solution (MOVES) addresses the needs of financially constrained state and local governments to move into the future with a proven software platform that not only delivers a better Department of Motor Vehicles (DMV) customer experience but also reduces the risk of implementation, Mahindra Satyam said in a statement.
Commenting on the development, Mr. Arvind Malhotra, Senior Vice President, Strategic Accounts, Mahindra Satyam said, In many states, the DMV was the first government agency to embrace citizen-facing, computerized functionality, and today jurisdictions often have a hard time keeping up with higher transaction volumes, delays and longer lines at the DMV office. Our partnership with Microsoft has enabled us to develop a low-risk approach to modernize with the reliability and sophistication of an established software platform.
Commenting on the development, Andy Pitman, a director in Microsoft's Public Sector Industry Solutions organization said, Today's government IT solutions need to provide responsive services to citizens while balancing the financial realities of state and local governments. We are pleased to have Mahindra Satyam maximize the inherent value of the Microsoft Dynamics CRM platform, which will enable DMV agencies to enhance their service to licensed drivers and vehicle owners.
Mahindra Satyam's consolidated net profit declined 34.05% to Rs 352.29 crore on 12.84% growth in net sales to Rs 1879.86 crore in Q1 June 2012 over Q4 March 2012.
Mahindra Satyam is a leading global business and information technology services company. The company's area of operations include enterprise solutions, supply chain management, client relationship management, business intelligence, business process quality, engineering and product lifecycle management, and infrastructure services. Mahindra Satyam development and delivery centers in the US, Canada, Brazil, the UK, Hungary, Egypt, UAE, India, China, Malaysia, Singapore, and Australia serve numerous clients, including many Fortune 500 organizations.