LTIMindtree Enters Nifty50, Shares Gain Upto 3%

  • Stock Market News
LTIMindtree Enters Nifty50, Shares Gain Upto 3%
Credit: © Reuters.

By Malvika Gurung -- The mega-cap IT major LTIMindtree (NS: LTIM ) has been added to the flagship index of the NSE, Nifty50 , and begins trading on it starting Thursday, July 13, 2023, replacing the top mortgage lender HDFC, following its merger with HDFC Bank (NS: HDBK ).

On entering the benchmark index, shares of LTIMindtree gained 2.65% and hit an intraday high of Rs 4,943.9 apiece on Thursday.

Read Also: Nifty50 Rejig Ahead as LTIMindtree to Replace HDFC, Inflow Size Pegged

LTIMindtree was formed after the merger of L&T Infotech (LTI) and Mindtree (NS: MINT ) and commenced trading on the Indian stock market under its new name in December 2022.

On the aforementioned inclusion, the CEO and MD of L&T, and the VC of LTIMindtree, SN Subrahmanyan said that the company plays a crucial role in the technology-led growth ambition of L&T Group, and celebrates its inclusion in the NIFTY 50 index.

The CEO and MD of LTIMindtree, Debashis Chatterjee stated, “We are proud of LTIMindtree’s inclusion in the NIFTY 50 index and grateful to our people, partners, investors, and shareholders for their trust in us. Our stable performance reflects our commitment to delivering value to them.”

LTIMindtree’s inclusion in the coveted index follows the recent development of both CRISIL (NS: CRSL ) and India Ratings reaffirming LTIMindtree’s long-term rating as AAA / Stable.

This rating also showcases the company’s strong business fundamentals and healthy performance supported by a steadily growing deal pipeline, diversified service offerings across multiple verticals, and an increasing share of digital revenues.

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