LTIMindtree shares rise over 3% on NSE after LIC raises stake to 7.02%

Shares of LTI Mindtree rose by over 3 per cent after LIC (Life Insurance Corporation) increased its stake in the company to 7.03 per cent, resulting in a surge in LTI stock.

Shares on the NSE (National Stock Exchange) rose by more than 3 per cent, touching the day's high of Rs 6,148.25 per share after touching the opening price of Rs 5,979.90 per share in the Indian stock market.

Shares of LTI Mindtree ended today's trading session at Rs 198.95 per share, up 3.35 per cent on the NSE (National Stock Exchange).

LIC increased holding from 5.02 to 7.02

LIC said in an exchange filing on Thursday that it has increased its ownership of LTIMindtree equity shares from 1,49,06,665 to 2,08,34,009 or 5.033 per cent to 7.034 per cent of the company's paid-up capital.

Between March 20, 2024 and November 19, 2024, LIC's holdings increased by 2.01 percent. The average price at which the insurer bought the stake was Rs 4,950.807.

According to LIC's exchange filing, the transaction was in the regular course of business. Released after market close on Thursday, November 21.

LTI Mindtree Q2 FY25

In Q2FY25, LTIMindtree's consolidated net profit increased by 7.7 per cent year-on-year (YoY) to Rs 1,251 crore from Rs 1,161.8 crore during the same period last year. Net profit increased 10.33 percent sequentially.

filling exchange

For Q2FY25, the Mumbai-based IT services company reported consolidated revenue from operations at Rs 9,432.9 crore, up 6 per cent from Rs 8,905.4 crore in Q2FY24. Revenue rose 3.2 per cent to Rs 9,142.6 crore in the previous quarter (Q1FY25).

Revenue in dollar terms was US$1,126.6 million, showing 2.8 per cent QoQ growth and 4.7 per cent YoY growth. The company's operating margin (EBIT) in this quarter was 15.5 percent.