LTIMindtree stock gains on bagging mutli-million dollar contract extension

LTIMindtree stock rises: Shares of LTIMindtree rose as much as 2.11 per cent to hit an intraday high of Rs 5,875.65 per share on Friday. 

The share price rose after the company announced that it has secured mutli-million dollar contract extension from Absa Bank.

“This reinforces LTIMindtree's position as Absa Bank’s trusted strategic technology partner. The extended partnership builds upon a successful 17-year collaboration, where LTIMindtree has been instrumental in driving Absa Bank's digital transformation journey, fostering growth and efficiency,” said LTIMindtree in a statement.

Sudhir Chaturvedi, president & executive board member, LTIMindtree, said, “Through this renewal, we will continue to deliver best-in-class core banking solutions, encompassing digital, branch, and payment technologies for Absa's customers. These solutions span multiple markets and focus on increased localisation. We are confident that through our deep industry knowledge and advanced data and analytics capabilities, we will continue to accelerate Absa Bank's transformation journey. This will empower them to achieve their strategic goals of becoming a client centric and technology-first bank.”

This strengthened partnership, Chaturvedi noted, solidifies LTIMindtree's leadership in the Banking, Financial Services, and Insurance (BFS &I) sector. 

“By leveraging its domain expertise, robust technology solutions, industry-specific offerings, and a powerful partner ecosystem, LTIMindtree empowers BFS & I clients to achieve true end-to-end transformation. This includes core modernisation, go-to-market innovation, cloud adoption, data-driven decision-making, and enhanced customer engagement through insightful analytics, personalised marketing, and tailored experiences,” Chaturvedi added.

Absa Group Limited is a publicly traded company on the JSE and is one of Africa's largest diversified financial services groups. The company has footprints across 12 African countries, China, the United Kingdom, and the United States. 

The company will act as a one-stop shop for Absa Bank's IT needs, providing comprehensive services to bolster its digital infrastructure. It includes deploying cutting-edge solutions in Digital Transformation, Applied AI, Cloud Acceleration, Data-Driven Decision Making, and Core Banking Modernisation, it added.

“Adopting modern IT systems and capabilities has always been our priority to ensure exceptional and seamless customer experiences. With a relationship of 17 years, LTIMindtree has delivered tangible business value to our banks, over a protracted period. At the same time, LTIMindtree, through process optimisation and the application of advanced technology like Automation and Generative AI, has helped us lower total cost of ownership by 46 per cent over the last 5 years. This ties in with our technology transformation journey. Together, we deliver stable and robust services to our customers in the African continent,” said Johnson Idesoh, group chief information and technology officer at Absa Group.

The market capitalisation of LTIMindtree is Rs 1,72,045.74 crore, according to Bombay Stock Exchange (BSE).

At 1:49 PM, shares of LTIMindtree were trading nearly 1 per cent higher at Rs 5,809.15. In comparison, BSE Sensex was trading 0.48 per cent lower at 80,949.99 levels.