L&T Infotech gains after completing acquisition of Syncordis

L&T Infotech gained 1.56% to Rs 1,000.05 at 11:21 IST on BSE after the company announced that it has completed acquisition of 100% shareholding of Syncordis Software Services.

The announcement was made after market hours yesterday, 11 December 2017.

Meanwhile, the S&P BSE Sensex was down 120.07 points, or 0.36% to 33,335.72.

On the BSE, 3,256 shares were traded in the counter so far, compared with average daily volumes of 19,031 shares in the past one quarter. The stock had hit a high of Rs 1,004.85 and a low of Rs 981.95 so far during the day. The stock had hit a record high of Rs 1,023.95 on 1 December 2017. The stock had hit a 52-week low of Rs 644.75 on 9 December 2016.

The stock had outperformed the market over the past one month till 11 December 2017, rising 4.22% compared with the Sensex's 0.42% rise. The scrip also outperformed the market over the past one quarter, gaining 28.28% as against the Sensex's 4.94% rise. The scrip also outperformed the market over the past one year, advancing 50.54% as against the Sensex's 25.08% rise.

The large-cap company has an equity capital of Rs 17.18 crore. Face value per share is Re 1.

L&T Infotech has yesterday, 11 December 2017 completed acquisition of 100% shareholding of Syncordis Software Services India (Syncordis India) from Syncordis S.A., thereby making Syncordis India, a wholly owned subsidiary of the company. The acquisition of Syncordis S.A., Luxembourg along with other identified subsidiaries in Luxembourg, France and UK, is in the process of closure and completion of which will be intimated in due course, L&T Infotech said.

On 14 November 2017, Larsen & Toubro Infotech had announced that it has signed definitive agreements to acquire Luxembourg-based Syncordis S.A., a leading core banking implementation services provider, alongwith its identified subsidiaries in France, UK, Luxembourg and India.

L&T Infotech's consolidated net profit rose 2.17% to Rs 273 crore on 4.33% rise in total income to Rs 1856.10 crore in Q2 September 2017 over Q1 June 2017.

L&T Infotech is a global technology consulting and digital solutions company helping more than 250 clients succeed in a converging world.

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