SME Times is powered by   
Search News
Just in:   • India has intrinsic stakeholder interest in helping Africa: Official  • High-level US-China trade talks to resume: Officials  • PNB stocks surge over 4% after Nirav Modi's arrest  • Sensex ends flat on high stock-specific volatility  • Industry calls for open culture for innovation 
Last updated: 13 Mar, 2019  

mindtree.thmb.jpg Mindtree stocks up 1% on L&T's reported takeover

   Top Stories
» India has intrinsic stakeholder interest in helping Africa: Official
» Industry calls for open culture for innovation
» Prez, VP greet people on the eve of Holi
» 'Enhance public, private investment in disaster reduction'
» Conclave on India-Africa project partnerships concludes
SME Times News Bureau | 13 Mar, 2019
Defying a flat-to-negative trend in the IT stocks, Mindtree shares rose over 1 per cent on Wednesday after reports emerged that Larsen and Toubro (L&T) was preparing for a hostile takeover of the infotech (IT) company.

According to a media report, L&T is set to sign a binding agreement to buy Cafe Coffee Day founder V.G. Siddhartha's stake in the company.

An announcement of this in the coming weeks is like to trigger a hostile takeover bid by the engineering major, which may make an open offer to increase its stake to 51 per cent in Mindtree.

It may eventually lead to the current management losing control of the company, reports said.

At 1.40 p.m., shares of Mindtree traded at Rs 928.05, higher by Rs 11.55 or 1.26 per cent from its previous close.

Deepak Jasani, the Head of Retail Research at HDFC Securities said Mindtree stocks rose on a day when the general trend in the IT stocks was subdued and attributed the increase in share prices to acquisition reports.

The BSE IT index traded at 14,965.77, lower by 4.11 points or 0.16 per cent from its previous close.

When contacted by IANS regarding the reports, a spokesperson of L&T said: "We do not wish to comment on market speculation."
Print the Page
Add to Favorite
Share this on :

Please comment on this story:
Subject :
(Maximum 1500 characters)  Characters left 1500
Your name:

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 58.85 56.85
As on 21 Mar, 2019
  Daily Poll
Is counterfeiting a major threat to SMEs?
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(1)
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter