L&T Infotech falls below IPO price on debut

Shares of Larsen & Toubro Infotech were trading at Rs 707.30 at 10:55 IST on BSE, at a slight discount of 0.38% compared with the initial public offer price of Rs 710.

Meanwhile, the S&P BSE Sensex was down 30.64 points or 0.11% at 27,885.25.

The stock debuted at Rs 666.60, a discount of 6.11% compared with the intial public offer (IPO) price. The stock hit a high of Rs 709.55 and a low of Rs 666 so far during the day. On BSE, so far 12.26 lakh shares were traded in the counter.

Larsen & Toubro Infotech (L&T Infotech) had priced its IPO at Rs 710 per share -- the top end of the Rs 705-710 per share price band for the IPO. The IPO received strong response from investors. The company's promoter and engineering & construction major L&T sold a part of its stake through the IPO of L&T Infotech.

L&T Infotech offers an extensive range of IT services to clients in diverse industries such as banking and financial services, insurance, energy and process, consumer packaged goods, retail and pharmaceuticals, media and entertainment, hi-tech and consumer electronics and automotive and aerospace.

Based on consolidated financial performance, the company's net profit rose 19.89% to Rs 922.17 crore on 17.45% growth in revenue from operations to Rs 5847.06 crore in the year ended 31 March 2016 over the year ended 31 March 2015.

Powered by Capital Market - Live News