India’s largest institutional investor, Life Insurance Corporation of India (LIC), has raised its stake in the renowned IT services provider LTIMindtree. Through open market acquisitions, LIC increased its ownership of the company from 5.033% to 7.034% of its paid-up capital, according an exchange filing.
Between March 20, 2024, and November 19, 2024, LIC holdings grew by 2.01%. The average price at which the insurer purchased the stake was ₹4,950.807.
LIC, the biggest life insurer in India, was established in 1956 and is well-known throughout the nation’s financial scene. It provides a wide range of insurance products, including ULIPs, pensions, endowment policies, and term plans. In addition, LIC provides coverage for rural, group, and health insurance. While retaining a commanding market share, LIC, which is well-known for its extensive agent network and dependability, has played a significant role in promoting insurance uptake throughout India.
LTIMindtree Stock Outlook
On Thursday, LTIMindtree’s stock increased by 0.9%, closing at Rs 5,929.15 on the BSE. With a beta of 0.57, the stock continues to be a reliable performer in the IT industry. The company’s steady expansion and LIC’s increasing ownership should improve investor sentiment. LTIMindtree is still gaining traction in the IT industry because to its broad range of IT services, which includes anything from infrastructure management to digital solutions.
LTIMindtree Q2 results
LTIMindtree reported on Thursday that its net profit for the July-September quarter of FY25 (Q2 FY25) increased by 7.7% year-over-year (Y-o-Y) to Rs 1,251.6 crore. It was up 10.3 percent sequentially. In contrast, revenue for Q2 FY25 climbed by 3.2% Q-o-Q and 6% Y-o-Y to Rs 9,432.9 crore.
The Mumbai-based IT services company’s consolidated revenue from operations increased by about 6% year over year to ₹9,432.9 crores in the September quarter from ₹8,905.4 crore in Q2FY24. In Q1FY25, the growth was 3.2% sequentially from ₹9,142.6 crore.
According to the company’s exchange filing, revenue was $1,126.6 million in USD, increasing 2.8% on a QoQ basis and 4.7% on a YoY basis. For the quarter that ended in September, the company’s operating margin, or EBIT, was 15.5%.
