LTI mindtree's shares rose more than 3 per cent after LIC (Life Insurance Corporation) increased it stake in the company to 7.03 per cent which in result sent the LTI share zooming on the bourses.
The shares surged more than 3 per cent on NSE (National Stock Exchange), touching the day high level of Rs 6,148.25 per share on the Indian bourses after hitting the opening bell at Rs 5,979.90 per share on the bourse.
The stocks of LTI mindtree concluded the today's trading session with 3.35 per cent surge amounting to Rs 198.95 pe share on the NSE (National Stock Exchange).
LIC increased holding To 7.02 from 5.02
LIC stated in an exchange filing on Thursday that it has raised 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 holdings grew by 2.01 per cent. The average price at which the insurer purchased the stake was Rs 4,950.807.
According to LIC's exchange filing, the transaction was in the regular course of business. On Thursday, November 21, the release was made after the market closed.
LTI Mindtree Q2 FY25
In the second quarter of FY25, LTIMindtree's consolidated net profit increased 7.7 per cent year over year (YoY) to Rs 1,251 crore from Rs 1,161.8 crore during the same period the previous year. The net profit increased by 10.33 per cent sequentially.
Exchange Filling
For Q2FY25, the Mumbai-based IT services company reported consolidated revenue from operations of Rs 9,432.9 crore, up 6 per cent from Q2FY24's Rs 8,905.4 crore. Revenue increased by 3.2 per cent from Rs 9,142.6 crore in the previous quarter (Q1FY25).
Revenue was USD 1,126.6 million in doller terms, representing a 2.8 per cent QoQ increase and a 4.7 per cent YoY growth. For the quarter, the company's operating margin (EBIT) was 15.5 per cent.
