LIC ups stake in LTIMindtree to 7% in 8 months

22 Nov 2024 , 01:51 PM

Life Insurance Corporation of India (LIC) increased its shareholding in LTIMindtree from 5.033% to 7.034% between March 20 and November 19, 2024.

LIC’s holding climbed from 5.033% to 7.034%, a net rise of 2.001% from 20.03.2024 to 19.11.2024 at an average cost of ₹4,950.807, according to a BSE filing on Thursday.

In Q2 FY25, LTIMindtree recorded a consolidated net profit of ₹1,251 Crore, up 7.7% from ₹1,161.8 Crore last year. Profit increased sequentially by 10.33%. The company’s share price rose 0.70% to ₹6,403.20 on the BSE.

The company stated that it reported a consolidated revenue from operations of ₹9,432.9 Crore for the quarter, up nearly 6% from ₹8,905.4 Crore in Q2 FY24 and 3.2% from ₹9,142.6 Crore in Q1 FY25.

The board has declared an interim dividend of ₹20 per equity share with a par value of Re 1, giving a return to shareholders amid the firm’s strong performance.

Life Insurance Corp (LIC) reported a 4% fall in standalone net profit for the quarter ended September 2024, to ₹7,621 Crore. In the same quarter last year, it was ₹7,925 Crore.

During the reporting quarter, net premium income climbed 11% year on year (YoY) to ₹1.19 Lakh Crore, up from ₹1.07 Lakh Crore in the same quarter last year.

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