L&T Infotech

The desired results of the merger have been impacted by the prolonged slowdown that the industry is witnessing

The board of directors of LTI and Mindtree fixed November 24, 2022 as the 'Record Date' for the purpose of determining eligibility of Mindtree shareholders to get shares of the amalgamated company.

Creates India's sixth largest IT services and fifth largest in market cap

Larsen & Toubro Infotech and Mindtree merger received the approval from National Company Law Tribunal

They were protesting against glitches in the MCA portal

Near-term gains for India's sixth largest IT services company factored into valuations

This should be the last quarter as an independent entity, merger to complete between November-December, said COO Deshpande

IT company Larsen and Toubro Infotech on Saturday posted an about 23 per cent increase in its consolidated net profit at Rs 679.8 crore for the quarter ended September 2022. The company had registered a net profit of Rs 551.7 crore in the same period a year ago. The consolidated revenue from operations of Larsen and Toubro Infotech (LTI) grew by 28.39 per cent to Rs 4,836.7 crore during the reported quarter from Rs 3,767 crore in the year-ago period. "We remain excited about the proactive conversations we are having with our customers and see increased traction in the cloud and analytics space. "The strength of our pipeline and our sustained net headcount addition will continue to fuel our growth," LTI President - Sales and Executive Board Member, Sudhir Chaturvedi said in a statement. The company is in the process of amalgamating Mindtree with itself, which was approved by its shareholders and unsecured creditors on August 10. LTI in its filing shared that the National Company L

On Wednesday, shares of TCS, Infosys, Coforge, Tech Mahindra, Larsen & Toubro Infotech, L&T Technology Services and Mindtree were down in the range of 3 per cent to 5 per cent

Sanjay Jalona, the former chief executive and managing director of Larsen & Toubro Infotech (LTI), will be joining private equity fund Chryscapital as an operating partner. In May, L&T had announced a merger of LTI and Mindtree, its group companies engaged in information technology services, to create the sixth biggest company in the sector by revenues. Mindtree's Debashis Chatterjee was named as the head of the combined entity, while Jalona, who headed the bigger of the two merging companies, moved out. Jalona will be the operating partner for the business services sector based in the US for the PE investor and work closely with the advisory team led by Akshat Babbar in sourcing, identifying, evaluating, management and exit related activities in relation to investments made in the sector, according to a statement. "...he will play an instrumental role in helping accelerate the growth for the fund's portfolio companies. ChrysCapital has ambitions of creating a far bigger ...

Sanjay Jalona will be based in the US, look after investments in the business services sector

Larsen & Toubro has seen a steady rise in net profits over the previous four quarters

The group will also be entering new-age businesses that it has incubated, such as L&T EduTech and L&T SuFin, a B2B e-commerce platform for industrial and construction products

CLOSING BELL: Tata Consumer Products, Titan, Eicher Motors, HUL, Tata Motors, Maruti, M&M, Nestle India, HDFC, L&T, and BPCL topped the charts

Stocks to watch today: L&T Technology Services and Jindal Steel and Power will share June quarter 2022 (Q1FY23) results on Friday, July 15.

IT company Larsen and Toubro Infotech on Thursday posted a 27.6 per cent increase in consolidated net profit at Rs 633.5 crore in the first quarter ended June 30, 2022. It had registered a profit of Rs 496.3 crore in the same period a year ago, the company said in a regulatory filing. "We are pleased to report 26.6 per cent YoY revenue growth in constant currency. We added 4 Global Fortune 500 logos to our client list in the first quarter, taking our total Global Fortune 500 customers to 77. We are also happy to announce 4 large deal wins during the quarter with net new TCV (Total Contract Value) of USD 79 million," L&T Infotech president sales and executive board member Sudhir Chaturvedi said. The consolidated income from operations of Larsen and Toubro Infotech (LTI) increased by 30.62 per cent to Rs 4,522.8 crore during the reported quarter from Rs 3,462.5 crore in the June quarter last year. "Our healthy pipeline will ensure that we maintain our large deal momentum. Our ...

CLOSING BELL: Axis Bank, HCL Tech, SBI, Tech M, TCS, Wipro, Infosys, and Ultratech Cement were the top large-cap laggards

Stocks to watch today: Tata Elxsi, L&T Infotech will report their June quarter results 2022 on Thursday July 14; Mindtree posted 37.3 per cent rise in net profit to Rs 471.6 crore for Q1FY23.

Larsen & Toubro (L&T) on Monday said it has bagged significant contracts to build data centres of capacities totalling 10.8 MW at Mumbai and Navi Mumbai. The company will design, build and would be involved in supply work, among others for the data centres and allied buildings including fit-outs. The orders are bagged by the buildings and factories business of L&T Construction, a subsidiary of L&T. The company classifies contracts worth Rs 1,000-2,500 crore as significant orders. Further, the company has secured an order for the engineering, procurement and construction of the 'Statue of Oneness' The Statue of Adi Shankaracharya at Omkareshwar in Khandwa, Madhya Pradesh from Madhya Pradesh State Tourism Development Corporation Ltd. The 108-feet high bronze statue is scheduled to be completed in 15 months.

The technology-heavy Nasdaq Composite surged 3.3 per cent on Friday, as investors reassessed the expected path of Federal Reserve interest-rate hikes.