LTIMindtree commence trading on BSE by ringing the opening bell today

LTIMindtree commence trading on BSE by ringing the opening bell today

The stocks quoted 1 per cent lower at Rs 5,006 at 11:22 am today, against the Friday's close at Rs 5,068.

FPJ Web DeskUpdated: Monday, December 05, 2022, 02:27 PM IST
article-image
LTIMindtree commence trading on BSE by ringing the opening bell today | LinkedIn - LTIMindtree

LTIMindtree, today marked the commencement of trading on the Indian stock market under its new name by ringing the opening bell at BSE.

The iconic bell-ringing was done by Mr. A. M. Naik, Group Chairman of L&T Group and Chairman of LTIMindtree; Mr. S. N. Subrahmanyan, Chief Executive Officer and Managing Director of L&T Group, and Vice-Chairman of LTIMindtree; Mr. R. Shankar Raman, Wholetime Director and Chief Financial Officer of L&T Group, and Non-Executive Director of LTIMindtree; and Mr. Debashis Chatterjee, Chief Executive Officer and Managing Director of LTIMindtree, in the presence of Mr. S. S. Mundra, Chairman of BSE, and senior leaders from L&T, LTIMindtree, BSE, and LTIMindtree’s partner organisations.

LTI and Mindtree merger

It was formed on November 14, 2022, through the merger of erstwhile Larsen & Toubro Infotech (LTI) and Mindtree, leading technology consulting and digital solutions companies under the Larsen & Toubro (L&T) Group. LTIMindtree is 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. It is the fifth largest IT services company in India by market capitalization.

Shares

The stocks were quoted 1 per cent lower at Rs 5,006 at 11:22 am today, against Friday's close at Rs 5,068.

The shareholders of the former Mindtree, which was delisted on November 23, 2022, have been issued shares of the former LTI in the ratio of 73 shares of the now-called LTIMidtree for every 100 shares of Mindtree. L&T, holds about 68.73 per cent of LTIMindtree, whose market capitalisation stands at Rs 1.48 trillion.

Speaking on the occasion, Mr. A M Naik said, “It is a proud moment for us. 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 LTIs 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.”

RECENT STORIES

Stock Market Weekly Round-Up: Check Out Indices Performance, Sectoral Gains, And Key Economic...

Stock Market Weekly Round-Up: Check Out Indices Performance, Sectoral Gains, And Key Economic...

PM Modi To Release ₹20,000 Crore Under PM KISAN Scheme In Varanasi On June 18

PM Modi To Release ₹20,000 Crore Under PM KISAN Scheme In Varanasi On June 18

ITR 1 vs ITR 2: Which One You Should Opt And Fill

ITR 1 vs ITR 2: Which One You Should Opt And Fill

Indian Textile Exports Surge By 9.59% In May Despite Global Economic Challenges

Indian Textile Exports Surge By 9.59% In May Despite Global Economic Challenges

Italian Electric Masterpiece: Aehra SUV

Italian Electric Masterpiece: Aehra SUV