Shares of this large-cap company jumped around 2 percent in Wednesday’s trading session after collaborating with Microsoft to deliver AI-Powered Employee Engagement Applications. The shares have delivered more than 40 percent returns to its shareholders on a YTD basis.
With a market capitalisation of Rs.1,84,218 crores, the shares of LTIMindtree Ltd started Wednesday’s trading session on a higher note at Rs. 6,140 compared to its previous close of Rs. 6,112. The shares hit a high of Rs.6, 289, gaining around 2 percent, also the company’s fresh 52-week high and currently trading at Rs. 6,219 apiece.
Such a positive movement in the share price was observed after the company in an exchange filing announced a strategic collaboration with Microsoft to introduce cutting-edge, AI-powered employee engagement applications.
Furthermore, the company said the collaboration marks a significant leap forward in delivering enhanced employee and customer experiences.
The company’s generative AI-powered Employee Engagement Applications will utilize Microsoft Azure OpenAI Service and Azure Cognitive Search to enable a range of AI-led capabilities for content summarization, graph-led knowledge structuring, and an innovative copilot.
This transformative approach, the company stated that the collaboration is set to enhance the cognitive intelligence within organisations, setting a new standard for employee engagement applications.
In addition, the company also inaugurated a Microsoft Cloud Generative AI Center of Excellence (GenAI CoE), recently. This centre serves as a hub for innovation, and initiatives utilizing the power of Generative AI enabling for customers to scale their digital transformation
Coming onto the company’s financial statement, the revenue increased by 87 percent from Rs. 8,702 crores during the June quarter to Rs. 8,905 crores in the September quarter. On the other hand, the net profits increased marginally by around 1 percent from Rs. 1,152 crores to Rs. 1,162 crores during the same timeframe.
The company gets revenue from across the globe, primarily from North America which contributes 73.4 percent of the revenue, 15.3 percent of revenue comes from Europe and the remaining 11.3 percent of revenue is contributed by the rest of the world. Moreover, as of FY23, the company had an order book of Rs. 487 crores.
Headquartered in Mumbai, LTIMindtree was incorporated in 1996. The company offers an extensive range of IT services like application development, maintenance and outsourcing, enterprise solutions, infrastructure management services, testing, digital solutions, and platform-based solutions to clients in diverse industries.
Written By Vaibhav Patil
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