Introduction:
IT stock experienced a notable increase after Life Insurance Corporation of India (LIC) boosted its stake by 2%, resulting in a new total shareholding of 7.034%. This strategic move by LIC reflects its confidence in the firm’s potential and financial stability, aligning with broader trends in the technology sector that favour robust corporate governance and investment growth.
Share Price movement of LTIMindtree Ltd:
On 22 November 2024, LTIMindtree Ltd (NSE: LTIM) stock opened at ₹5988.30, marking a 1.98% rise from the previous close of ₹5929.15. The stock hit an intraday high of ₹6087.70 but settled at ₹6050.85 by 12:35 pm, reflecting investor enthusiasm. The company’s market cap stands robustly, indicating sustained market interest.
LTIMindtree Ltd share price rise:
Life Insurance Corporation of India (LIC) has increased its shareholding in LTIMindtree Ltd. from 1,49,06,665 shares to 2,08,34,009 shares, raising its stake from 5.033% to 7.034% of the paid-up capital.
This disclosure, required under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, details the expanded investment by LIC in the technology firm.
The formal notification of this increase has been submitted to the stock exchanges and is also accessible on LIC’s website, ensuring compliance with regulatory requirements and transparency in corporate governance.
Recent news About LTIMindtree Ltd:
LTIMindtree has successfully merged with Mindtree, operating under a single entity since November 14, 2022. This strategic merger aims to leverage the complementary strengths of both companies, enhancing their service offerings and market footprint, significantly benefiting stakeholders ranging from clients to employees
Stock performance of LTIMindtree Ltd for Period of 1 week, 6 months and 1 year:
Over the past year, LTIMindtree Ltd stock performance showcased a varied trend. In the last week, it experienced a slight decline of 1.06%. However, over the past six months, the stock surged by 22.6%, and over the entire year, it achieved a growth of 8.40%.
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Shareholding pattern of LTIMindtree Ltd:
| All values in % | Sep-24 | Jun-24 | Mar-24 |
| Promoters | 68.6 | 68.6 | 68.6 |
| FII | 7.39 | 7.28 | 7.86 |
| DII | 14.89 | 14.22 | 13.58 |
| Retail & others | 9.11 | 9.91 | 9.95 |
About LTIMindtree Ltd:
LTIMindtree Ltd is a prominent technology and consulting company that specialises in providing digital transformation solutions across various sectors. The company combines deep domain knowledge with extensive expertise in IT services to drive innovation and deliver value to its clients worldwide.
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.
