L&T Infotech rises after announcing acquisition of Syncordis

L&T Infotech gained 1.12% to Rs 955.55 at 14:26 IST on BSE after the company announced it has signed definitive agreements to acquire Luxembourg-based Syncordis S.A alongwith its identified subsidiaries.

The announcement was made after market hours yesterday, 14 November 2017.

Meanwhile, the S&P BSE Sensex was down 199.65 points, or 0.61% to 32,742.22.

On the BSE, 22,000 shares were traded in the counter so far, compared with average daily volumes of 17,071 shares in the past one quarter. The stock had hit a high of Rs 970.75 and a low of Rs 933.70 so far during the day. The stock had hit a record high of Rs 982.65 on 10 November 2017. The stock had hit a record low of Rs 595 on 21 November 2016.

The stock had outperformed the market over the past one month till 14 November 2017, rising 16.5% compared with 1.57% rise in the Sensex. The scrip also outperformed the market in the past one quarter, gaining 27.39% as against Sensex's 4.75% rise. The scrip had also outperformed the market in the past one year, surging 56.28% as against Sensex's 22.83% rise.

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

Larsen & Toubro Infotech (LTI) announced 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. Europe is a growth market for LTI and addition of these niche capabilities bring stronger synergies with the company's deep expertise in banking and financial services segment.

Announcing the acquisition, Sanjay Jalona, CEO & Managing Director, LTI said that global banking IT spend is expected to grow in the coming years and several banks are investing in core banking modernization programs, especially in Europe. This acquisition reaffirms the company's commitment to the banking sector and to Europe, Sanjay Jalona said.

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.

Powered by Capital Market - Live News