Business

L&T Tech Shares Gain Over 4%

Shares of L&T Technology Services surged up to 4.25 per cent to hit an intraday high of Rs 5,324.65 per share on the BSE after the company on Monday announced an acquisition of Silicon Valley-based company Intelliswift for $110 million.

LTTS stated that its wholly owned subsidiary L&T Technology Services LLC, will acquire 100 per cent of the equity share capital of the US based Intelliswift Software Inc and Indian based Intelliswift Software (India). The proposed acquisition is expected to be completed on or before 28 February 2025, LTTS said.

“L&T Technology Services LLC, have signed definitive agreements on 11 November, 2024 with the relevant parties for acquisition of 100 per cent shares of: Intelliswift Software (India); and (ii) Intelliswift Software Inc. by L&T Technology Services LLC, for an aggregate consideration of up to $110 million,” the company said in a statement on Monday.

Incorporated in 2001, the Intelliswift Software Inc is headquartered in the US
with a presence in India, Hungary, Canada, Singapore and Costa Rica, while Intelliswift Software (India) was incorporated in 2002 in Gujarat. With both companies operating in the software product development, platform engineering and AI industry.

Intelliswift services 4 of the top 5 hyperscalers and caters to over 25 Fortune 500 companies including 5 of the top 10 ER&D spenders in software and technology. With this acquisition, LTTS will also be able to address adjacent markets of retail and Fintech, along with the private equity channel, the company said.

Intelliswift provides offerings across software product development, platform engineering and AI to global companies. The consolidated turnover of the company was approximately $96 million for the calendar year ended 31 December 2023.

L&T Technology Services share price history
The company’s stock has underperformed the market year to date as it has risen 2.2 per cent, while gaining 23.8 per cent in the last one year. In comparison BSE Sensex has risen 9.9 per cent year to date and 21.7 per cent in a year.&

The company has a total market capitalisation of Rs 55,860.47 crore. L&T Technology Services shares are trading at a price to earnings multiple of 43.04 times and at an earning per share of Rs 188.66.

At 9:50 PM; the shares of the company pared most of its gains and were trading 4.15 per cent higher at Rs 5,319.40 a piece. By comparison, the BSE Sensex was down 0.07 per cent at 79,442.49 level.

Kanika Sharma

Recent Posts

Sai Pallavi Offers Prayers At Varanasi’s Annapurna Temple Ahead Of ‘Ramayana’ Shoot

Sai Pallavi visited Varanasi to seek blessings for her role as Sita in Ramayana, offering…

16 mins ago

Legendary Filmmaker Shyam Benegal Passes Away At 90 After Prolonged Illness

Renowned filmmaker Shyam Benegal, known for his exceptional contributions to Indian cinema, has passed away…

16 mins ago

Stephen A. Smith Regrets Supporting Kamala Harris Over Donald Trump

ESPN commentator Stephen A. Smith has publicly expressed regret over his previous support for Kamala…

17 mins ago

Former Supreme Court Judge Justice V Ramasubramanian Appointed NHRC Chief

In a significant development on Monday, former Supreme Court judge Justice V Ramasubramanian was appointed…

29 mins ago

Samsung Galaxy S25 Slim To Debut In Q2 2025: Slimmest Galaxy Ever? Here Are Major Leaks

The Galaxy S25 Slim is projected to be the smallest smartphone Samsung has ever made,…

31 mins ago

Jaishankar To Visit US From December 24-29, First Since Trump’s Election

External Affairs Minister Subrahmanyam Jaishankar will embark on a six-day visit to the United States…

41 mins ago