LIC shareholding: Life Insurance Corporation raises stake in LTIMindtree. Details here

LIC shareholding: Insurance behemoth and India’s largest domestic institutional investor Life Insurance Corporation of India (LIC) raised stake in IT company LTIMindtree via open market purchases.

In an exchange filing on Thursday, LIC said it has increased its shareholding in equity shares of LTIMindtree from 1,49,06,665 to 2,08,34,009 i.e., 5.033% to 7.034% of the paid-up capital of the company.

LIC holding increased by 2.001 per cent from March 20, 2024, to November 19, 2024. The insurer acquired the stake at an average price of ₹4,950.807.

The deal was in the ordinary course of action, said LIC in the exchange filing. The release came post market close on Thursday, November 21.

LTIMindtree stock gained nearly 1 per cent following the announcement. The stock was trading 0.39 per cent higher at ₹5,954.45 around 9.30 am. During the day, it hit a high of ₹5,981.

LTIMindtree stock price hit a 52-week high of ₹6,574.95 on September 19, 2024, and a 52-week low of ₹4,513.55 on June 4, 2024. In the last one month, the stock has risen just 1.45 per cent amid a broader correction in the stock market. Meanwhile, on a year-to-date (YTD) basis, it has lost 3.5 per cent while it is up 9 per cent in the last one year. 

LTIMindtree Q2 Results

During the second quarter of FY25, LTIMindtree reported a 7.7% year-on-year (YoY) increase in its consolidated net profit at ₹1,251 crore, up from ₹1,161.8 crore in the same period last year. Sequentially, the net profit rose by 10.33%.

The Mumbai-based IT services firm posted consolidated revenue from operations of ₹9,432.9 crore for Q2FY25, marking a 6% increase from ₹8,905.4 crore in Q2FY24. Compared to the previous quarter (Q1FY25), revenue grew by 3.2%, from ₹9,142.6 crore.

In USD terms, the revenue stood at $1,126.6 million, reflecting a 4.7% YoY growth and a 2.8% QoQ rise. The company's operating margin (EBIT) for the quarter was 15.5%.

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