LTIMindtree shares jumped 1% as LIC increases stake to 7%
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Shares of LTIMindtree (LTIM) jumped 1% to their day’s high of Rs 5,988.80 on the BSE as the Life Corporation of India (LIC) announced that it has increased its stake from 5.033% to 7.034% in the company. “Pursuant to Regulation 30 of the Listing Regulations, this is to inform that the Life Insurance Corporation of India (“the Corporation”) has increased its shareholding in equity shares of LTIMindtree Ltd. (“Company”) from 1,49,06,665 to 2,08,34,009 i.e., 5.033% to 7.034% of the paid-up capital of the said Company,” said LIC in an exchange filing. There has been a net increase of 2.001% in holding during the period from March 20, 2024, to November 19, 2024, and the transaction has been an open market purchase. For the second quarter that ended September 2024, IT services company LTIMindtree reported 8% year-on-year growth in its consolidated net profit at Rs 1,251 crore while the revenue from operations in the reporting period rose 6% yea...