Larsen & Toubro Infotech makes a tepid debut

Shares of Larsen & Toubro Infotech settled at Rs 697.65, at a slight discount of 1.74% compared with the initial public offer price of Rs 710 on its debut on the bourses today, 21 July 2016.

Meanwhile, the S&P BSE Sensex dropped 205.37 points or 0.74% to settle at 27,710.52.

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 710 and a low of Rs 666. On BSE, 22.42 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.

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