Life Insurance Corporation of India (LIC), a major insurance firm and the biggest domestic institutional investor in India increased its ownership of the IT company LTIMindtree through open market acquisitions.
By increasing its ownership in LTIMindtree equity shares from 1,49,06,665 to 2,08,34,009, or 5.033% to 7.034% of the company’s paid-up capital, LIC said in an exchange filing on Thursday.
Holdings in LIC rose by 2.01% between March 20, 2024, and November 19, 2024. The insurer paid an average of ₹4,950.807 for the share.
In the exchange filing, LIC stated that the transaction was in the regular course of business. On Thursday, November 21, after the market closed, the release was made.
The stock of LTIMindtree increased by almost 1% after the announcement. Around 9.30 am, the stock was up 0.39 per cent ₹5,954.45. It peaked during the day at ₹5,981.
The price of LTIMindtree’s stock peaked on September 19, 2024, at ₹6,574.95, and fell to ₹4,513.55 on June 4, 2024, the same week. Amidst a wider stock market decline, the stock has only increased 1.45% in the past month. On a year-to-date (YTD) basis, however, it has lost 3.5% while increasing 9% over the past year.
In the second quarter of FY25, LTIMindtree’s consolidated net profit increased 7.7% year over year (YoY) to ₹1,251 crore from ₹1,161.8 crore during the same period the previous year. The net profit increased by 10.33% sequentially.
For Q2FY25, the Mumbai-based IT services company reported consolidated revenue from operations of ₹9,432.9 crore, up 6% from Q2FY24’s ₹8,905.4 crore. Revenue increased by 3.2% from ₹9,142.6 crore in the previous quarter (Q1FY25).
Revenue was $1,126.6 million in USD, representing a 2.8% QoQ increase and a 4.7% YoY gain. For the quarter, the company’s operating margin (EBIT) was 15.5%.
