LTIMindtree rises 3% after LIC increases stake by 2% via open market

LTIMindtree shares advanced 2.6 per cent in Friday's trade and logged an intraday high of Rs 6,087.7 per share on BSE. The stock rose after insurance behemoth, Life Insurance Corporation of India (LIC)  increased its shareholding in the company.

 

Around 11:00 AM, LTIMindtree shares were up 2.04 percent at Rs 6,050 per share on BSE. In comparison, the BSE Sensex was up 0.81 per cent at 77,778.1. The market capitalisation of the company stood at Rs 77,778.10 crore. The 52-week high of the company was at Rs 6,575 per share and 52-week low of the company was at Rs 4,518.35 per share.

 

LIC increased its shareholding from 1,49,06,665 shares to 2,08,34,009 shares which translates to a shareholding from 5.033 per cent stake to 7.034 per cent. The net increase was of 2.001 per cent stake as per the filing.

 

LTIMindtree is a global technology consulting and services firm formed through the merger of L&T Infotech (LTI) and Mindtree in November 2022. A part of the Larsen & Toubro (L&T) group, it offers a wide range of services including digital transformation, cloud solutions, AI, data analytics, IT consulting, and cybersecurity. Serving clients across industries such as banking, insurance, retail, and manufacturing.

 

LTIMindtree helps businesses enhance efficiency and innovation through technology. With a strong presence in over 30 countries, the company combines Mindtree's digital expertise with LTI's strength in large-scale IT transformations to drive sustainable growth for its clients.

 

LIC is one of the largest and most prominent life insurance companies in India. Established in 1956 by the Government of India, LIC offers a wide range of life insurance products, including term insurance, endowment plans, pension plans, and unit-linked insurance plans (ULIPs). It also provides health, group, and rural insurance services.

 

LIC is known for its extensive network of agents and offices across India, as well as its significant presence in the financial sector. It plays a crucial role in promoting the insurance culture in India and has helped millions of policyholders secure their financial futures. Over the years, LIC has built a strong reputation for its reliability, trustworthiness, and large market share in the life insurance industry.

 

In the past one year, LTIMindtree shares have gained 6.7 per cent against Sensex's rise of 17 per cent.