LIC ups stake in LTIMindtree to 7.03%; shares in focus

Shares of LTIMindtree (LTIM) are apt to beryllium successful the spotlight connected Friday aft Life Insurance Corporation of India (LIC) announced an summation successful its shareholding successful the IT services company.

In an speech filing, LIC disclosed its holding successful LTIMindtree has risen from 5.03 per cent to 7.03 per cent of the company’s paid-up capital. The state-owned insurer acquired an further 59,27,344 equity shares betwixt March 20, 2024, and November 19, 2024, via unfastened marketplace transactions.

LTIMindtree’s caller performance

The IT large reported robust fiscal results for the 2nd 4th ended September 2024. Its consolidated nett net grew eight per cent year-on-year to Rs 1,251 crore, portion gross from operations roseate six per cent year-on-year to Rs 9,433 crore.

Additionally, the institution declared an interim dividend of Rs 20 per share, with October 25 acceptable arsenic the grounds date. LTIMindtree’s committee assured shareholders that the dividend would beryllium disbursed wrong 30 days of the announcement.

Stock outlook

LTIMindtree shares gained momentum connected Thursday, closing 0.9 per cent higher astatine Rs 5,929.15 connected the BSE. The stock, with a beta of 0.57, remains a coagulated performer successful the IT space. LIC’s accrued involvement and the company’s accordant maturation could bolster capitalist sentiment.

With a divers portfolio of IT services ranging from integer solutions to infrastructure management, LTIMindtree continues to pull attraction successful the tech sector.

Key takeaway

LIC’s higher involvement underscores assurance successful LTIMindtree’s semipermanent maturation prospects, perchance keeping the banal successful absorption for the adjacent term.