Tag: mindtree

While dealmaking elsewhere in the world slows to a crawl bankers in India recorded their best-ever quarter for mergers and acquisitions. India saw $82.3 billion pending and completed M&A deals in the second quarter, the highest amount on record, according to data compiled by Bloomberg. That’s more than twice as much as the previous record of $38.1 billion in the third quarter of 2019. Globally, M&A volume in the quarter reached $827.6 billion, down 8.7% from the same period in 2021. The surge in India was dominated by HDFC Bank Ltd.’s $60 billion all-stock purchase of Housing Development Finance Corp. in April, combining India’s most valuable bank and largest mortgage lender in the country’s biggest-ever M&A transaction. The move illustrated how India’s flagship companies, facing disruptive trends such as the rise of fintech and climate change, are turning to dealmaking as a tactic to dramatically reshape themselves. Read more

The Nifty IT index was ruling nearly a percent higher today(13th Sept.2021), bucking the overall weak trend in the markets. shares of Mindtree were up 3 percent while Mphasis, Coforge, Wipro, and TCS (Tata Consultancy Services) gained between 0.7 percent and 2.2 percent. According to some analysts, the sector will continue to see re-rating in the near to medium term. "We believe current valuations will sustain driven by liquidity + TINA (there is no alternative) + FOMO (fear of missing out) factors. Also, with pricing power returning, the IT-services sector is closing in on FMCG fundamentals. Lastly, mid-caps will continue to trade at a premium to large-caps in the near to medium term, driven by a never-before outperformance in revenue growth relative to large-caps for at least the next two years," they said. Read more

Shares of Mindtree surged 9 percent to hit a new high of Rs 2,721 on the BSE in intra-day trade on Wednesday after the information technology (IT) consulting and services company reported a healthy set of numbers for the quarter ended June 2021. Mindtree's Q1 net profit rose to ₹343.3 crores, up reported a 61% YoY and 8% QoQ. Its revenue in dollar terms came at $310.5 million, witnessing a growth of 7.7% quarter-on-quarter (QoQ) and 22.6% YoY. The IT company recorded its highest-ever order book of half a billion US dollars, a growth of 34% QoQ. The company said it is witnessing broad-based growth across industries and services and that its deal pipeline continues to remain strong. “We are pleased to report a strong start to FY22 with broad-based first-quarter growth across all service lines and industry segments," said Debashis Chatterjee, chief executive officer, and managing director, Mindtree. Read more

Today (11th June 2021)Shares of information technology (IT) companies were in demand on the bourses with Wipro and Tech Mahindra hitting all-time highs, while Tata Consultancy Services (TCS) and Infosys were quoting close to their respective record highs on the BSE. Besides Wipro and Tech Mahindra, a total of 10 stocks including Mastek, Mindtree, Happiest Minds Technologies, Mphasis, and Coforge too hit their new highs in Friday's intra-day deals.TCS, meanwhile, gained 3 percent to quote at Rs 3,309, while Infosys was up 2 percent at Rs 1,451.55. TCS had hit a record high of Rs 3,358 on April 9, 2021, and Infosys had touched a high of Rs 1,480 on April 12. Among other individual stocks, Tech Mahindra hit a record high of Rs 1,082, up 2 percent on the BSE, surpassing its earlier high of Rs 1,081.35 touched on January 11, 2021. In the past one week, the stock has gained 6 percent. Read more

Ashok Soota, a pioneer of India’s information technology services industry, has headed three outsourcing companies including one of the nation’s largest, Wipro Ltd., and taken two of them public. Happiest Minds Technologies' was the latest startup, which was oversubscribed 151 times and was founded in the year 2011 when he was 68. The Rs 700-crore initial public offer (IPO) of his IT service company, making it the eighth biggest IPO of the last decade. The IPO of the Mumbai-headquartered digital IT services provider was subscribed 351.5 times by non-institutional investors and 77.4 times by Qualified Institutional Buyers (QIB) during September 7-9. Retail demand for the issue was strong as well, garnering 70.94 times subscription. Happiest Minds, which gets almost all of its revenue from digital services, is one of two IPOs this week to woo Indian investors. About 13 years ago, he took his previous company, Mindtree, to an IPO, and that issue was oversubscribed 103 times. Read more