One of the major and key IT companies in the Indian tech paradigm, LTIMindtree, has been setting Dalal Street on fire. The company shares have consistently outperformed expectations from various corners. On August 28, the company shares gained over a mammoth 7 per cent.
LTIM Flies High
Over the past 6 months alone, the Mumbai-based company made gains of 14.26 per cent or Rs 771.60.
When it comes to the company's Q1 performance, the Mumbai-based IT showed improved numbers on the revenue count. The company's revenue increased by 5.06 per cent year over year. However, profit fell 1.54 per cent from the same quarter the previous year.
In addition, the IT company's sales increased by 2.81 per cent, while profits increased by 3.08 per cent.
The tech company's operating income increased 4.75 per cent from the previous quarter but it has to be noted that this number declined 5.51 per cent year on year.
On Wednesday, August 28, LTIMindtree shares gained 7.49 per cent or Rs 430.90, climbing to Rs 6,182.45 per share.
It also needs to be noted that the company had signed a multi-million dollar contract extension with Absa Bank. Providing digital solutions to the South African banking group, based out of Johannesburg.
Other IT Shares Also Surge
Interestingly, some of LTIM's other competitors also appear to be doing well at the equity market. Another Mumbai-based company, Tata Consultancy Services (TCS), also made gains, increasing by 0.65 per cent or Rs 29.05, climbing to Rs 4,526.20 per share.
Bengaluru-based Wipro made bigger gains. As the company shares jumped by 3.75 per cent or Rs 19.40, taking the overall value of shares to Rs 536.55 per share. Mahindra group owned Tech Mahindra also made gains on Wednesday. The Pune-based company made gains of 2.25 per cent or Rs 36.55, hopping to Rs 1,661.15 per share.
