LTIMindtree Enters the NIFTY 50 Index
Jul 13, 2023
BusinessWire India
Mumbai (Maharashtra) [India], July 13: National Stock Exchange of India Ltd. (NSE) has included
[NSE: LTIM, BSE: 540005], a global technology consulting and digital solutions company, in its coveted NIFTY 50 index. LTIMindtree was formed after the merger of L&T Infotech (LTI) and Mindtree and commenced trading on the Indian stock market under its new name in December 2022. Since the merger, the company has rapidly consolidated its position to be a leading player and achieve this significant milestone in its growth journey.
The NIFTY 50 is the flagship index on the NSE. Its indices are computed using a float-adjusted and market capitalization-weighted method. In this method, the index level indicates the aggregate market value of stocks present in the index in a specific base period.
Speaking on the occasion S. N. Subrahmanyan, Chief Executive Officer and Managing Director, Larsen & Toubro Limited (L&T), and Vice-Chairman, LTIMindtree, said, “LTIMindtree plays a crucial role in the technology-led growth ambition of L&T Group, and we are thrilled to celebrate our inclusion in the NIFTY 50 index. The merger of LTI and Mindtree was driven by our vision to create a stronger, large-scale player with diversified portfolio of services and skills. LTIMindtree has showcased consistent growth and turned that vision into reality, while staying true to our goal of ‘Getting to the Future, Faster. Together’.”
“We are proud of LTIMindtree’s inclusion in the NIFTY 50 index and grateful to our people, partners, investors, and shareholders for their trust in us. Our stable performance reflects our commitment to delivering value to them,” said Debashis Chatterjee, Chief Executive Officer and Managing Director at LTIMindtree. “This recognition sets the stage for future growth, with a dedicated focus on customer satisfaction, innovation, and sustainability,” he added.
LTIMindtree’s inclusion in this index follows the recent development of both CRISIL and India Ratings reaffirming LTIMindtree’s long-term rating as AAA / Stable. This rating also showcases the company’s strong business fundamentals and healthy performance supported by a steadily growing deal pipeline, diversified service offerings across multiple verticals, and an increasing share of digital revenues.
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