The Boards of Directors of L&T Infotech and Mindtree on Friday approved a merger of the two independently listed information technology (IT) services companies under the Larsen & Toubro Group.
Shares of L&T Infotech rose as much as 3.56 per cent to Rs 4,239.
Shares of global technology consulting and digital solutions company L&T Infotech (LTI) rose as much as 3.56 per cent to hit an intraday high of Rs 4,239 on the BSE after the company reported its December quarter earnings post market hours on Tuesday. L&T Infotech s net profit rose 37 per cent to Rs 518.7 crore from Rs 377 crore during the same period last year. Its revenue from operations advanced 12 per cent annually to Rs 3,152.80 crore. (Track L&T Infotech share price here)
L&T Infotech s revenue in dollar terms rose 5.8 per cent sequentially to $427.8 million, the company said in a press release.