LTIMindtree commences trading with its new name; stock down 1%
Shares of LTIMindtree, the merged entity of LTI and Mindtree, commenced trading with its under its new name today. The stock . quoted 1 per cent lower at Rs 5,006 on the BSE at 11:22 AM as against Friday’s close of Rs 5,068 on the BSE. It hit a high of Rs 5,120.40 and a low of Rs 4,984.40 in the intra-day trade so far, the exchange data shows.
Formed on November 14, 2022, through the merger of erstwhile Larsen and Toubro Infotech (LTI) and Mindtree, leading technology consulting and digital solutions companies under the Larsen & Toubro (L&T) Group, LTIMindtree — a scaled-up IT services provider with a client portfolio of more than 750 global enterprises and nearly 90,000 professionals in more than 30 countries across five continents — is the fifth largest IT services company in India by market capitalization.
Shareholders of erstwhile Mindtree, delisted from November 23, 2022, have been issued shares of erstwhile LTI in the ratio of 73 shares of LTI (now called LTIMindtree) for every 100 shares of Mindtree. The parent company, L&T, holds 68.73 per cent of LTIMindtree.
Currently, LTIMindtree market capitalisation stands at Rs 1.48 trillion, the BSE data shows. Tata Consultancy Services (TCS) on top of the list with Rs 12.49 trillion market-cap, followed by Infosys (Rs 6.85 trillion), HCL Technologies (Rs 3.07 trillion) and Wipro (Rs 2.26 trillion). Tech Mahindra have market-cap of Rs 1.07 trillion, data shows.
“LTIMindtree furthers L&T’s strategic vision of growing IT services into one of the core pillars of our overall business over the next few years. LTIMindtree combines LTI’s engineering and Mindtree’s software DNAs, blending their problem-solving and digital-first strengths into a unique value proposition for our clients, further reinforcing L&T’s acclaimed tradition of innovation, excellence, trust, and empathy,” said A.M.Naik, Group Chairman of L&T Group.
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