
LTIMindtree shares jump 5% post Q2; here’s why
The board of LTIMindtree has declared an interim dividend of ₹20 per equity share of ₹1 each.
The board of LTIMindtree has declared an interim dividend of ₹20 per equity share of ₹1 each.
S.N. Subrahmanyan is increasing the share of services — financial & IT — in order to increase the margins of the conglomerate.
Debashis Chatterjee has leveraged the strengths of both L&T Infotech and Mindtree, and led the merged entity to cash in on the technology boom.
In dollar terms, net profit dropped 7.8% YoY to $135.6 million, while revenue rose 11.9% YoY to $1,057.5 million.
L&T submitted a bid of ₹8,740 crore for the New Delhi Station redevelopment project, which is over ₹3,000 crore higher than the government’s estimate.
The consolidated revenue from operations grew 25.3% to ₹8,620 crore as against ₹6,880.7 crore in the same quarter last fiscal.
Extending losing streak for the fourth straight session, LTIMindtree shares declined as much as 2.4% to hit an intraday low of ₹4,575 on the BSE
Last month, L&T Group announced the merger of its IT subsidiaries in a share swap deal at a ratio of 73 shares of LTI for every 100 shares of Mindtree.
The Sensex and Nifty are set to fall in opening trade on Tuesday, in line with global equities and negative trends on SGX Nifty Futures.
The two sister concerns are quite distinct in terms of business and clientele, with L&T Infotech more focussed on banking, insurance, etc, whereas Mindtree is predominant in retail and hospitality.