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IT stock jumps 4% after it acquires Silicon Valley based company Intelliswift for $110 Mil

The IT stock rose 4% to ₹5,324.65 on the BSE after a $110million Silicon Valley acquisition, enhancing tech capabilities and boosting investor confidence for retail and fintech expansion.

Introduction:

The IT stock surged over 4%, hitting ₹5,324.65 on the BSE, following the announcement of a $110 million acquisition of a Silicon Valley-based firm. This strategic move enhances the company’s tech services capabilities, boosting investor confidence and expanding its reach in retail and Fintech markets.

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Share Price movement of L&T Technology Services:

On November 12, 2024, L&T Technology Services’ stock opened at ₹5,157, reached an intraday high of ₹5,370, and a low of ₹5,156. The stock closed at ₹5,200, reflecting a positive movement during the trading session. 

L&T Technology Services (LTTS) share price rise:

L&T Technology Services (LTTS) shares rose by over 4%, reaching an intraday high of ₹5,324.65 on the BSE after the company announced its acquisition of Silicon Valley-based Intelliswift for $110 million. This strategic move strengthens LTTS’s capabilities in tech services and boosts investor confidence in the IT stock.

LTTS’s wholly-owned subsidiary, L&T Technology Services LLC, will acquire 100% equity in both US-based Intelliswift Software Inc. and India-based Intelliswift Software (India). Intelliswift, known for serving 4 of the top 5 hyperscalers and 25+ Fortune 500 clients, specialises in software product development and platform engineering.

With this acquisition, LTTS aims to expand its footprint in adjacent markets like retail and Fintech, leveraging Intelliswift’s offerings in AI and software development. The acquisition is expected to enhance LTTS’s reach across private equity channels and support its growth in the evolving IT and engineering space.

Recent news About L&T Technology Services:

L&T Technology Services recently acquired Silicon Valley-based Intelliswift for $110 million, aiming to strengthen its tech services capabilities and expand into retail and fintech. This move boosts offerings in software development, AI, and platform engineering, attracting positive investor sentiment with a 4% stock increase.

Stock performance of L&T Technology Services for Period of 1 week, 6 months and 1 year:

L&T Technology Services’ stock has faced declines across key periods. In the past week, it dipped by 3%, followed by a decline of 13.4% over the last six months. Over the past year, the stock recorded a 20% drop, reflecting ongoing challenges.

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Shareholding pattern of L&T Technology Services:

All values in %Sep-24Jun-24Mar-24
Promoters73.6973.6973.74
FII4.354.465.52
DII13.9513.312.32
Retail & others8.018.548.42

About L&T Technology Services Industries:

L&T Technology Services (LTTS) is a prominent engineering and technology services company specialising in digital solutions for industries including aerospace, automotive, healthcare, telecommunications, and manufacturing. Known for its expertise in engineering, research, and development, LTTS provides innovative solutions in areas such as artificial intelligence, IoT, and smart manufacturing, supporting global business transformations.

Disclaimer: The above article is written for educational purposes and the companies’ data mentioned in the article may change with respect to time. The securities quoted are exemplary and are not recommendatory.

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