Jul 5, 2023
By: Katya NaiduIndia’s fifth largest IT company by market LTIMindtree was formed when Mindtree merged with LTI in November 2022.
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With a marketcap of around ₹1.56 lakh crore, the company’s valuation is ahead of Tech Mahindra.
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LTI Mindtree is the fifth IT sector stock in Nifty50 after TCS, Infosys, HCL Tech and Wipro.
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The stock took the place of HDFC after the latter merged into HDFC Bank officially on July 1.
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LTIMindtree is an IT consulting, services and digital solutions company that has interests across sectors like banking, hi-tech, healthcare and more.
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The stock has given 8 percent returns since its merger. It’s noteworthy that the sector has been beaten down by macro headwinds.
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LTI was founded in 1996 as a subsidiary of infra major L&T while Mindtree was founded by ten IT professionals in the same year. The former acquired the latter in 2019.
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LTI Mindtree is one of the few IT companies that’s expected to post a sequential growth in revenues in constant currency terms, in the June quarter as per sector analysts.
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The company, like most of its peers, have been exhibiting steady deal wins but the conversion rates are slower across the sector, says a report by HDFC Securities.
Credit: BCCL