L&T Infotech and Mindtree on Friday announced a mega-merger to create an efficient and scaled-up IT services provider, exceeding $3.5 billion in combined revenue, according to a statement. The name of the combined entity will be 'LTIMindtree', the statement said. In an all-share deal, L&T Infotech will offer 73 shares for every 100 shares of Mindtree.
Indian IT players, over the past few years, have pressed the paddle on re-training of their employees as new technologies take centre-stage.
Banerjee was one of the people instrumental in shaping the future of Wipro's IT business in its early days.
Larsen and Toubro Infotech has signed an agreement to acquire GDA Technologies and all its design centres in the US and India.
Mumbai-based L&T Infotech, a part of the Larsen &Toubro group, is evaluating acquisitions of $50-200 million (close to Rs 200-820 crore) in the US, Europe and India in a bid to boost revenues.
The withdrawal of offer letters is an indication that the company might have overestimated its future business after giving offer letters.
Mid-sized IT firms have stepped up hiring in the current fiscal year, adding more than half as many employees in the first quarter of FY19 as compared to the whole of the previous financial year. This momentum is likely to continue for the rest of 2018-19 (FY19) as well.
Now sole contender as L&T Infotech quits race
A key feature of the new version is to identify the people transacting on its portal by linking each user ID with the person's permanent account number (PAN), followed by a two-factor authentication through mobiles and email IDs. Those who cannot complete the KYC requirements cannot use the portal.
HP's 60.5 per cent stake is valued at $1 billion.
In a multi-city protest on Monday, a large number of company secretaries (CS) and chartered accountants (CAs) came together to seek extension of the deadline for annual filing due to glitches in the ministry of corporate affairs (MCA) portal. According to the Companies Act, firms are supposed to submit Form AOC 4 for filing of the balance sheet within 30 days of holding the annual general meeting (AGM). This deadline was over on October 29.
As Japan makes frantic efforts to deal with the nuclear radiation leaks from the Fukushima Daiichi nuclear power plant in the aftermath of earthquake and tsunami, Indian information technology firms have begun relocating the families of their Indian employees in the country.
The contract, according to the sources, include two different components - one for mainframe and IT infrastructure support and management.
Lawsuit has been brought on behalf of Deepa Shanbhag and 1,500 past and present women employees.
After a sharp correction over the last few months, analysts seem to be turning cautiously optimistic on the information technology (IT) sector and suggest there could be trading opportunities in select counters despite revenue and growth concerns that still plague the sector. "IT stocks valuations have corrected 17 per cent-49 per cent and stock prices have corrected 9 - 42 per cent since mid-December 2021. Nifty IT index valuation has corrected by 27 per cent and price by 21 per cent. "About two quarters ago, we made a case that valuation drivers have peaked.
Larsen & Toubro, now one of Satyam's largest single shareholders with 4 per cent, sees a lot of synergy between the core strengths of the beleaguered software giant with those of L&T Infotech, its unlisted information technology subsidiary.
Sudip Banerjee, CEO, L&T Infotech talks about business post-Satyam, expansion plans and bigger acquisition targets.
Fresh suitors have emerged, and a cleanup is proceeding under a board appointed by the government. But the fraud leaves a cloud over Indian outsourcing.
Call it a revival of the information technology (IT) industry or increase in demand from non-IT sectors, office lease and sale transactions have picked up by 10 to 15 per cent in the past quarter.
A M Naik, chairman and managing director of L&T, said the details, such as the size of the funds required for each of these companies and proposed dilution of the equity, were yet to be worked out.
L&T Infotech Ltd, the wholly owned subsidiary of Larson and Toubro, will hire 1,800 people over the next 18 months to reach a total strength of 5,000 professionals.
The Job fair attracted many large companies such as W W Grainger, Allstate, PepsiCo, Tech Mahindra, L&T Infotech and L&T Technologies, who were the corporate sponsors.
Wipro, HCL in race for Sebi's fraud detection system upgrade,
The attempted hostile takeover bid of Mindtree by Larsen & Toubro is a "grave threat" and "value destructive" to the organisation collectively built over 20 years, the promoters said pledging to "unconditionally oppose" the hostile takeover attempt.
At the end of June, 2016, TCS had a total headcount of 3.62 lakh.
Indian companies have raised $1 billion so far this year - almost four times what they raised last year.
The rally in mid- and small-cap stocks has spilled over into the IT sector as well. Second and third-tier IT stocks, which historically traded at a discount to the big five IT companies, are now trading at nearly 25 per cent premium to their large-cap peers. The smaller IT companies have a price-to-earnings (P/E) multiple of nearly 38 times against the big five's current P/E multiple of around 31x.
L&T -- which has two subsidiaries L&T Infotech and L&T Technology Services -- is keen to bring Mindtree under its fold to exponentially raise its client base and product offering.
Most of the large mid-caps share similar business model as the large-caps and have more of less similar set of clients.
L&T Infotech hits the refresh button, rebrands itself as LTI With a new name, colour palette and business focus, L&T Infotech looks to break free of its past
The total market valuation of the BSE-listed companies surged to an all-time high of Rs 107 lakh crore on Thursday.
A large part of the work that CEO Sumit Gupta does is focused on educating users and the larger community about investing in cryptocurrencies, reports Neha Alawadhi.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Gains were led by Tata Motors amid robust sales in June along with select financials.
In the mid-tier space, clients with weak balance sheets are likely to ask for price revision apart from delay in payment.
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