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<ul><li>After <keyword id="90593" type="COMPANY" weightage="20" keywordseo="Larsen-and-Toubro">Larsen and Toubro</keyword>’s (L&amp;T) hostile takeover of Mindtree, the company’s leading executives have resigned and it’s taking a toll on the company’s growth trajectory. </li><li>Mindtree’s quarterly results show a 41% yearly dip in net profits and a 53% drop in quarterly net profits.</li><li>Macquarie has revised the rating on Mindtree’s stock to ‘underperform’ expecting earnings per share to drop by at least 21%.</li><li>All eyes are on AM Naik, the company’s newly appointed non-executive chairman, to turn things around.</li></ul>The dramatic takeover of India’s IT consulting firm, <a href="https://www.businessinsider.in/lt-infotech-and-mindtree-will-remain-separate-and-the-open-offer-will-be-at-980/articleshow/68477363.cms">Mindtree</a>, by Larsen and Toubro (L&amp;T) had its leading executives walking away and the company’s growth has taken a big hit. As the L&amp;T veteran and a marquee business leader in India, AM Naik, takes over as the non-executive Chairman of Mindtree, all eyes are on him to revive the firm’s fortunes. Last night, Mindtree reported a 41% dip in its year-on-year net profits from ₹158 crores last year to ₹93 crore this quarter. Its quarterly net profits showed an even larger drop of 53% from ₹198 crore last year. The share price of Mindtree was down nearly 5.5% at 10:20 am on Thursday. Mindtree’s revenue for the current quarter shows an 11% increase in comparison to last year’s first quarter from ₹1,640 crore to ₹1,834 crore. But quarter-to-quarter, the revenue growth is flat. Macquarie, an Australian financial services company, cut the rating on Mindtree’s stock to ‘Underperform’ estimating a drop of 21.6% to 24.8% in earnings per share largely due to executives leaving the company while the business slowed down amidst the takeover drama. Hostility and fear In March last year, L&amp;T — an infrastructure and construction company — instigated a <a href="https://www.businessinsider.in/mindtree-takeover-battle-lt-deals-the-first-blow-buying-coffee-baron-vg-siddharthas-stake/articleshow/68475544.cms">hostile takeover</a> of Mindtree by acquiring 20.4% stake in the company by buying shares from V.G. Siddhartha, the man behind the Cafe Coffee Day franchise in India. And, on June 27 this year, L&amp;T had 61% of the company’s controlling shares. This is reportedly the <a href="https://www.businessinsider.in/lt-has-51-8-stake-in-mindtree-after-open-offer/articleshow/69960033.cms">first time</a> that a company has successfully completed a hostile takeover in India’s IT space. The IT firms’s chief executive officer (CEO), chairman and vice chairman had to file their resignations. Subroto Bagchi, Mindtree’s co-founder, is also set to retire at the end of the month and hasn’t asked to be reappointed to the company’s board. The stock of Mindtree has lost over a quarter of its value in the last three months as the drama played out. See also: <a href="https://www.businessinsider.in/lt-has-51-8-stake-in-mindtree-after-open-offer/articleshow/69960033.cms">L&amp;T takes over Mindtree in Indian IT’s first-ever hostile acquisition</a> <a href="https://www.businessinsider.in/lt-infotech-and-mindtree-will-remain-separate-and-the-open-offer-will-be-at-980/articleshow/68477363.cms">L&amp;T Infotech and Mindtree will remain separate and the open offer will be at ₹980</a> <a href="https://www.businessinsider.in/mindtree-takeover-battle-lt-deals-the-first-blow-buying-coffee-baron-vg-siddharthas-stake/articleshow/68475544.cms">Mindtree takeover battle: L&amp;T deals the first blow buying coffee baron VG Siddhartha's stake</a>

The exodus of Mindtree executives has dented earnings and now shareholders are running for the hills — over to AM Naik

<ul><li>L&amp;T now has 51.8% stake in Mindtree</li><li>73.9% of Mindtree shareholders sold in an open offer by L&amp;T</li><li>Mindtree shareholder Nalanda Capital offloaded its 10.6% stake to L&amp;T</li></ul> L&amp;T is known to have taken over controlling stake in IT services company Mindtree, pulling off a rare feat in India --- a hostile takeover. A large chunk of Mindtree shareholders tilted towards infrastructure major Larsen &amp; Toubro as 73.9% of them sold in the open offer at ₹980 a share. This has given<a href="https://www.livemint.com/companies/news/l-t-acquires-52-of-mindtree-in-indian-it-industry-s-first-hostile-takeover-1561536743325.html"> 51.8% stake in the</a> company to L&amp;T, and is known to have made over 20% stake from the offer, which was announced on June 7. The takeover turned successful after Nalanda Capital decided to offload its 10.6% stake to L&amp;T as a part of the open offer process, on June 24. Hostile takeovers are not common in India as promoters and the family own majority stake in their companies, leaving few outsiders to ever take control. Story so far However, Mindtree is one of the rare exceptions which is held by a clutch of investors and co-founder Subrato Bagchi. The takeover attempt started in March earlier when L&amp;T purchased 20% stake held by V D Siddhartha, the owner of Café Coffee Day chain for around ₹32.6 billion. After this, the promoters refused a bid to sell their stake, even as L&amp;T said it wanted to increase its shareholding to 66%. Even as L&amp;T has turned the promoter with a majority stake, during the course of the open offer more Mindtree investors are expected to concede. According to a<a href="https://www.business-standard.com/article/companies/subroto-bagchi-likely-to-offload-mindtree-stake-in-ongoing-open-offer-119062501210_1.html"> report by Business Standard</a>, the founder Subroto Bagchi, as well as Arohi Asset Management and Amansa Capital too, are in the process of giving up, to give way to L&amp;T. Interestingly, L&amp;T itself was once a target of a hostile takeover by none other than Reliance Industries which was then headed by Dhirubhai Ambani in 1987. Kumar Mangalam Birla was also one of the people who had purchased stake in the construction company, in an attempt to take over. However, timely thinking and setting up a trust by its own employees helped buy shares back. The trust is now of its biggest shareholders, after public sector insurance companies and banks.

L&T takes over Mindtree in Indian IT’s first-ever hostile acquisition

<ul><li>Mindtree shares open the week with gains of over 2% </li><li>L&amp;T is set to make a hostile bid as the company's founders refuse let go of control</li><li>Company's strategic investor, coffee baron VG Siddhartha, is expected sell his 21% stake to L&amp;T</li></ul> Indian technology services company Mindtree, backed by coffee baron VG Siddhartha, is at the centre of a takeover battle between the company's founders and one of the country's biggest conglomerates, Larsen and Toubro (L&amp;T). Shares of Mindtree opened the day up over 2% on Monday (March 18) as investors expect the battle for control between the hostile suitor L&amp;T, which has proposed to buy out <a href="https://tech.economictimes.indiatimes.com/news/corporate/mindtree-founders-plan-buyback-wall-to-block-lt/68435104" data-type="tilCustomLink" target="_blank">Siddhartha's 21% stake</a> in the company, and the existing leadership determined to keep control of the company. If L&amp;T pulls it off, it would be the first hostile takeover of an Indian IT company. The founders, Krishnakumar Natarajan, Subroto Bagchi, NS Parthasarathy and Rostow Ravanan, together own 13.32% stake in the company and they are so reluctant to let go of the company that Bagchi left a government job to avert a hostile takeover of Mindtree by L&amp;T. 
	
	
	
	
	
	
	
	
	<div type="twitter" handle="skilledinodisha" handlename="Subroto Bagchi" image="http://pbs.twimg.com/profile_images/727342138430771200/Kf0tzvdR_normal.jpg" favoritecount="418" retweetcount="101" status="Mindtree has not been designed as an “asset” to be bought &amp; sold. It is a national resource. It has a unique cultur… https://t.co/x9uT0UQ25s" createdat="1552835669000" id="1107299169415225345"></div>



















 The board of directors informed the stock exchange on Friday that it will consider a share buyback in a meeting on March 20. The move has come after the founders <a href="https://www.livemint.com/" data-type="tilCustomLink" target="_blank">reportedly</a> could not find private equity investors to counter L&amp;T's offer. L&amp;T <a href="https://timesofindia.indiatimes.com/business/india-business/lt-to-make-1st-ever-hostile-bid-in-indian-it-for-mindtree/articleshow/68457037.cms" data-type="tilCustomLink" target="_blank">reportedly</a> plans to spend $1 billion, including an open offer to minority investors, to gain controlling stake in the company. Indian takeover laws mandate that the suitor must buy shares worth 26% of the target company from the open market, if the stake in the target exceeds 25%. L&amp;T's offer price for another 31% stake in Mindtree may be around ₹980 apiece, a 4% premium to Friday’s closing price, the Economic Times reported. A share buyback by the existing board of directors at Mindtree would mean the company will use a part of its existing ₹2.8 billion reserves to thwart L&amp;T's bid. Investors may not like that, especially, at a time when there is premium offer on the table. On the other hand, L&amp;T Infotech, which is the conglomerate's IT subsidiary, has already lost a lot of share value since January when the rumours of the takeover surfaced. Investors <a href="https://www.livemint.com/market/mark-to-market/l-t-infotech-shares-already-carry-scars-of-meddling-with-mindtree-1552842303673.html" data-type="tilCustomLink" target="_blank">fear merging with Mindtree</a>, which has only one large client that is Microsoft, may hurt the performance of L&amp;T Infotech, whose stock price has more than doubled in the last three years and has a <a href="https://economictimes.indiatimes.com/tech/ites/lt-set-to-seal-mindtree-deal-with-caf-coffee-day-founder-vg-siddhartha/articleshow/68457010.cms" data-type="tilCustomLink" target="_blank">significantly wider profit</a> margin of 16% compared to Mindtree's 10%.

India begins a new trading week with a hostile takeover battle between Mindtree's founders and L&T

<ul><li>L&amp;T management reassured investors after its hostile takeover of Mindtree</li><li>The conglomerate's IT subsidiary L&amp;T Infotech and Mindtree will operate as separate entities</li><li>Investors in Mindtree will be given an open offer at ₹980</li><li>L&amp;T will even consider to buy back shares from Mindtree's investors</li></ul> Shares of L&amp;T Infotech gained over 3.7% during mid-day trade on Tuesday (March 19) after a reassurance from the L&amp;T managment. "Our intent is to keep both of them separate,” President SN Subrahmanyan said at a press conference after the conglomerate, which spans businesses from infrastructure to information technology, bought a controlling stake in the Bengaluru-based Mindtree. This will be the first hostile takeover of an Indian information technology (IT) services firm as Mindtree's founders resisted the takeover by L&amp;T. L&amp;T Infotech, which is the conglomerate's IT subsidiary, has already lost a lot of share value since January when the rumours of the takeover surfaced. Investors <a target="_blank" href="https://www.livemint.com/market/mark-to-market/l-t-infotech-shares-already-carry-scars-of-meddling-with-mindtree-1552842303673.html">fear merging with Mindtree</a>, which has only one large client that is Microsoft, may hurt the performance of L&amp;T Infotech, whose stock price has more than doubled in the last three years and has a <a target="_blank" href="https://economictimes.indiatimes.com/tech/ites/lt-set-to-seal-mindtree-deal-with-caf-coffee-day-founder-vg-siddhartha/articleshow/68457010.cms">significantly wider profit</a> margin of 16% compared to Mindtree's 10%. However, Subrahmanyan explained that L&amp;T Infotech will continue its existing focus on banking, insurance etc, whereas Mindtree will operate in retail and hospitality. L&amp;T will buy coffee baron VG Siddhartha's20.4% stake in the the mid-tier IT services company Mindtree for approximately ₹3,300 crore. L&amp;T also intends to purchase an additional stake of upto 15% from the open market and another 31% from Mindtree shareholders at ₹980 per share.

L&T Infotech and Mindtree will remain separate and the open offer will be at ₹980

IT firm Mindtree shares on Wednesday jumped over 2 per cent after the company reported a 3 per cent rise in consolidated net profit for the December 2019 quarter.
 The scrip gained 2.26 per cent to close at Rs 883.30 on the BSE. During the day, it jumped 4.41 per cent to Rs 901.90.
 On the NSE, it climbed 2.37 per cent to close at Rs 884.90.
 In terms of the traded volume, 3 lakh shares of the company were traded on the BSE and over 87 lakh shares on the NSE during the day.
 Mindtree on Tuesday reported a 3 per cent rise in consolidated net profit at Rs 197 crore for the December 2019 quarter.
 The company had posted a net profit of Rs 191.2 crore in the same period last year, Mindtree said in a regulatory filing.
 The Bengaluru-based company saw its revenue grew about 10 per cent to Rs 1,965.3 crore in the quarter under review from Rs 1,787.2 crore in the year-ago period, it added.
 In dollar terms, net profit rose 3.1 per cent to USD 27.7 million, while revenue increased 9.4 per cent to USD 275.2 million in the said quarter over the year-ago period.

Mindtree's share jumped by over 2% after quarterly profits hit $27.7 million

Reliance Industries, HDFC Bank, Mindtree, Vodafone Idea and other hot stocks on January 14

<ul><li>The US stocks ended lower on Thursday as hopes of a US coronavirus stimulus deal and US jobless claims weighed heavy on the market. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Amidst mixed sentiments from the global markets, the Indian equities are likely to open flat on Friday. In the Asian market, the SGX Nifty was trading 0.73% higher at 7:51 am, indicating a positive start for Nifty50. However, the US stocks ended lower on Thursday as hopes of a US coronavirus stimulus deal and US jobless claims weighed heavy on the market. The Dow Jones Industrial Average slid 19.80 points, whereas the S&amp;P 500 fell 0.15%. These are the stocks to watch out for during the trading session on October 16: Mindtree Larsen &amp; Toubro (L&amp;T) owned Mindtree posted an 88% jump in its net profit to ₹253.7 crore for the second quarter ended September 30. The company’s revenue for the quarter stood at ₹1,926 crore, marginally up 0.6% year-on-year. The shares of Mindtree ended over 7% lower yesterday. IndiaMart InterMesh The Indian e-commerce company IndiaMart InterMesh has clarified that the media reports claiming potential investment opportunities from Tata Group were incorrect and purely speculative in nature. The shares of IndiaMart InterMesh ended flat yesterday. Persistent Systems The technology services company Persistent Systems said it has entered into an agreement to acquire the US-based CAPIOT Software for $6.34 million (₹465.42 million). The shares of Persistent Systems ended 6% lower yesterday. AstraZeneca Pharma India The drug major AstraZeneca Pharma India said it would launch its Acalabrutinib 100 mg capsules under the brand name ‘Calquence’ on October 21 — the drug is used for the treatment of various types of blood cancers. The shares of AstraZeneca Pharma India ended flat yesterday. Dhanuka Agritech The agrochemical company Dhanuka Agritech’s ₹100 crore buyback will open on October 20 and remain open until November 2. The shares of Dhanuka Agritech ended 2% lower yesterday. Sun Pharma The drug major Sun Pharma clarified to stock exchanges that it had not received any information or notice either from SEBI or anyone regarding the news of SEBI probe of its ex-board member Ashwin Dani. The shares of Sun Pharma ended 3% lower yesterday. Bharti Airtel Competition Commission of India approved completion of the first closing of the telecom giant Bharti Airtel subsidiary Nxtra Data to the Carlyle Group. The shares of Airtel ended 4% lower yesterday. Voltas, Symphony, Bluestar, among others The shares of Voltas, Symphony, Bluestar will also remain in focus during the trade today as the Indian government has banned the import of air conditioners with refrigerants. This move aims to push domestic manufacturing of such goods under a self-reliant India programme. HCL Technologies, Federal Bank, Tata Communications, Bajaj Consumer Care and others <a href="https://www.businessinsider.in/business/corporates/news/hcl-tech-second-quarter-to-see-a-boost-from-cloud-adoption-analysts-expect-it-to-breach-3-5-revenue-growth-guidance/articleshow/78685100.cms">HCL Technologies,</a> Federal Bank, Tata Communications, Bajaj Consumer Care among others are slated to report their second-quarter earnings today. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/dow-jones-ends-lower-for-third-day-as-weak-jobless-claims-stimulus-impasse-weigh-on-sentiment/articleshow/78692395.cms" data-type="tilCustomLink" style=""> Dow Jones ends lower for third day as weak jobless claims, stimulus impasse weigh on sentiment</a> <a href="https://www.businessinsider.in/business/corporates/news/hcl-tech-second-quarter-to-see-a-boost-from-cloud-adoption-analysts-expect-it-to-breach-3-5-revenue-growth-guidance/articleshow/78685100.cms" data-type="tilCustomLink" style="">HCL Tech's second quarter to see a boost from cloud adoption — analysts expect it to breach 3.5% revenue growth guidance</a> <a href="https://www.businessinsider.in/defense/news/border-infrastructure-is-not-the-cause-of-friction-between-india-and-china-says-mea-spokesperson/articleshow/78681546.cms" data-type="tilCustomLink">Border infrastructure is not the cause of friction between India and China, says MEA spokesperson</a>

Top stocks to watch — HCL Tech, Airtel, IndiaMart, Mindtree, AstraZeneca Pharma, Sun Pharma, Voltas, and others

<ul><li>The stocks of <keyword id="6357549" type="UNKNOWN" weightage="20" keywordseo="Indian-IT-companies">Indian IT companies</keyword> from Tata Consultancy Services (TCS) to Mindtree are on fire as the rest of the market struggles against the uncertainty brought on by the second COVID-19 wave.</li><li>The rally comes ahead of these companies getting ready to post their earnings next week and the street expecting robust numbers.</li><li>Analysts believe that the deal momentum will carry IT companies through, not just the coming quarters, but the next two to three years.</li></ul>The second wave of COVID-19 may be bad news for many sectors of the Indian economy, but not for information technology (IT) companies like Tata Consultancy Services (TCS), Infosys, Wipro and Mindtree. The shares of Indian IT firms, big and small, have been rallying this past week in anticipation of blockbuster earnings, while the overall market remained volatile. Since April 1, <keyword id="6354813" type="COMPANY" weightage="20" keywordseo="Nifty">Nifty</keyword> IT has risen by 3.27% and the past week alone has brought in gains of 1.3%. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change in share price on April 7 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">MindTree </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CoForge </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.65% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.35% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.28% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.90% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.23% </td></tr></tbody></table>Source: NSE “The fourth quarter is traditionally a soft quarter for IT companies, but this time around the street’s expectations are very strong,” Sanjiv Hota, vice president and head of research at Sharekhan told Business Insider India. That being said, some players are doing better than others on the stock market. More than just the quarterly results, analysts believe that the inflow of demand due to the pandemic is also firming up the earnings of companies like TCS, HCL Technologies, Infosys and Wipro in the longer run. “A big shift that is happening. Earning visibility for the IT sector over the next two to three years is getting very strong,” Hota explained. <div type="image" title="IT stocks" msid="81961824" hostid="261" caption="&amp;lt;p&amp;gt;The rise of Nifty IT since January&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="Greenback’s strength is only a temporary factor" comment="subhead" text="Greenback’s strength is only a temporary factor">Greenback’s strength is only a temporary factor</cmsannotation> The depreciating rupee, which softened to a <a href="https://www.moneycontrol.com/news/business/markets/rupee-opens-lower-at-73-55-per-dollar-6737851.html">two-week low</a> on April 7 after the <keyword id="6354335" type="COMPANY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) announced that India’s monetary policy will continue to support liquidity, is only a temporary movement. “Depreciating rupee is always good for IT companies. In the last three quarters, offshore proportion has increased,” said Urmil Shah, the vice president of institutional equities at IDBI Capital. Overall, IT stocks are more fundamental in nature. “The results are expected to be particularly good with the increase in demand and second wave of COVID-19,” Harit Shah, a senior research analyst at KRChoksey told Business Insider, explaining how the market closed in the red on Monday, April 5, but IT stocks were among the top gainers. The pandemic sped up demand from clients as more businesses looked to digital solutions to help employees work from home and keep in touch with their customers in a contact-less way. What started in the first quarter is going to come to fruition between January and March. SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/osiris-exoplanet-was-formed-at-least-a-100-times-farther-away-from-its-sun-than-where-it-is-now-and-has-six-chemicals-in-its-atmosphere-to-prove-it/articleshow/81953394.cms">The first-ever exoplanet discovered was born at least a 100 times farther away from its Sun than where it is now — and has six chemicals in its atmosphere to prove it</a> <a href="https://www.businessinsider.in/stock-market/news/macrotech-developers-ipo-formerly-known-as-lodha-developers-faces-high-debt-and-covid-scare/articleshow/81948568.cms">Macrotech Developers’ IPO has low home loan interest rate playing in its favour — but high debt and COVID-19 pandemic cloud its prospects</a>

The tech stocks binge is hotting up again with the second wave of COVID-19

<ul><li>Shares of Cafe Coffee Day running 20% down, to trade at ₹154.05 ever since <keyword id="808597" type="COMPANY" weightage="20" keywordseo="VG-Siddhartha">VG Siddhartha</keyword>, the founder, and CEO went missing. </li><li>The value of all outstanding shares is down by nearly ₹800 crore. </li><li>The company’s total debt at the end of March 2019 was ₹6,547 crore. </li></ul>Shares of Cafe Coffee Day <a href="https://www.bseindia.com/stock-share-price/coffee-day-enterprises-ltd/coffeeday/539436/">running 20% down, to trade at ₹154.05</a> ever since VG Siddhartha, the founder, and CEO of the company went missing. The value of all outstanding shares is down by nearly ₹800 crore. The <a href="https://www.business-standard.com/article/companies/coca-cola-in-talks-to-pick-stake-in-cafe-coffee-day-after-pocketing-costa-119062700063_1.html">company's market capitalisation was less than half of the total debt</a> of ₹6,547 crore at the end of March 2019. "This is to inform you that, Mr. V G Siddhartha, Chairman and Managing Director of Coffee Day Enterprises Limited is not reachable since yesterday evening, " <a href="https://www.bseindia.com/corporates/anndet_new.aspx?newsid=ace305f9-bdb6-452c-a07f-8a8f133606ea">read a </a>statement on BSE. The company further assured that they are taking the help of the concerned authorities to find the Siddhartha. CCD also said the company would continue to run by the leadership team. The Mangaluru Police suspect that the coffee baron may have jumped off the Ullal bridge on Monday night. The news agency, ANI, also posted the last letter allegedly written by VG Siddhartha addressing his employees. See also: <a href="https://www.businessinsider.in/business/cafe-coffee-day-founder-vg-siddhartha-letter-to-board-of-directors/articleshow/70443951.cms">Full text of the letter written by Cafe Coffee Day founder VG Siddhartha before he went missing</a> Mangaluru City Police started a search operation at 9 pm to look for a man who might have jumped off a kilometer-long bridge in Ullal. According to the report, Siddhartha may be the missing 'man' since he reached Mangaluru at 8 pm in his SUV and ask the driver to drop him at the bridge in Ullal. VG Siddhartha came from a coffee-growing family, which owned 15,000 acres of coffee estate in Chikmagalur in Karnataka. He launched the first Cafe Coffee Day (CCD) outlet on <keyword id="18382" type="ORGANIZATION" weightage="20" keywordseo="brigade-road">Brigade Road</keyword> in Bengaluru. The chain currently has 1,750 outlets and over 60,000 vending machines spread over Nepal, Malaysia, Czech Republic, and Egypt, <a href="http://www.coffeeday.com/PDF/Coffee_Day_Annual_report_2018.pdf">aside from 245 cities in India. </a> The 58-year-old entrepreneur was in talks with Coca-Cola to sell considerable stake in his coffee chain. The deal was <a href="https://www.businesstoday.in/current/corporate/coca-cola-coke-cafe-coffee-day-ccd-stake-sale-beverage-maker-indias-largest-coffee-chain/story/359387.html">supposed to be closed</a> by the end of March 2020. The coffee baron had reportedly been <a href="https://www.livemint.com/companies/news/why-v-g-siddhartha-went-with-l-t-ignoring-mindtree-promoters-1553710517498.html">cornered by a cash crunch</a> after the default by infrastructure lending giant IL&amp;FS triggered a liquidity crisis in the country. Siddhartha had to sell his 20.4% stake in the IT firm <keyword id="6357902" type="COMPANY" weightage="20" keywordseo="mindtree">Mindtree</keyword> to L&amp;T against the wishes of Mindtree’s founders who Siddhartha had backed since 1999. (Correction: The market cap loss wrongly pegged at ₹8000 crore earlier has been corrected to ₹800 crore) See also: <a href="https://www.businessinsider.in/vg-siddhartha-founder-of-cafe-coffee-day-and-son-in-law-of-ex-karnataka-cm-sm-krishna-is-missing/articleshow/70443830.cms">Coffee baron VG Siddhartha, the founder of India's iconic chain Cafe Coffee Day, is missing</a>

Cafe Coffee Day shares have lost ₹800 crore in value after founder VG Siddhartha goes missing

<ul><li>Foreign portfolio investors owned $10.5 billion worth of shares of Indian insurance companies at the end of November 2019, up from just about a billion dollars at the end of October 2018.</li><li>Losing favour with the investors are Indian tech stocks like TCS, Wipro and Mindtree where prospects are looking bleak due to slower business and shrinking margins.</li><li>Private insurance players like Bajaj Allianz Life, Kotak Life, and Tata AIA Life clocked a 25.9% growth in <keyword id="168318" type="PERSON" weightage="20" keywordseo="insurance-premium">insurance premium</keyword> in November alone</li></ul>Foreign portfolio investors (FPI) ⁠— foreign investors who invest in shares and bonds ⁠— have been net buyers in the Indian market for three straight months at the end of November 2019, pumping in a total of $3.14 billion last month alone. More than half of that money has gone into buying shares in the banking and financial services industry. The country’s insurance companies have received the lion’s share of the inflows. At the end of October 2018, foreign investors had a billion dollars invested in Indian insurance stocks. At the end of November 2019, the exposure stands at over $10.5 billion, according to a report from Edelweiss Alternative Research. A lot of that money has come from the sale of technology stocks. 
 
 
 
 
 
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 The foreign investors’ bet on Indian insurance companies seems to be the right decision. The business growth for insurance majors spiked in November 2019. Private players like Bajaj Allianz Life, Kotak Life, and Tata AIA Life clocked a 25.9% growth in insurance premium in November alone, according to a research report from Emkay Financial Services. If someone waited for the data to buy these stocks, they had already missed a big bull run. 
 
 
 
 
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 “The market is extremely positive about the insurance sector, because growth here has been extremely strong over the next 10-20 years. On paper, these stocks may look extremely highly valued, but you need to look at them in the light of an extremely long growth runway that lies ahead,” Srinivasan Subramanian, MD for Investment Banking at Axis Capital, told a television channel ET NOW. 
 
 <div type="Article" hostid="261" msid="72293944" title="India’s $5 trillion dream needs more than just interest rate cuts" mstype="2" mssubtype="0"></div>





 Here’s why foreign investors are pulling money out of IT The prospect for India’s tech stocks is looking bleak. The business is slower and the margin is shrinking, with the exception of Infosys. <table style="width: 281pt;"> </colgroup> <tbody><tr> <td class="xl65" style="height:15.0pt;width:134pt">Company</td> <td class="xl69" style="border-left-width: initial; border-left-style: none; width: 147pt;">Margin compression</td> </tr> <tr> <td class="xl66" style="height: 15pt; border-top-width: initial; border-top-style: none;">TCS</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-57 basis points</td> </tr> <tr> <td class="xl66" style="height: 15pt; border-top-width: initial; border-top-style: none;">Tech Mahindra</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-40 basis points</td> </tr> <tr> <td class="xl66" style="height: 15pt; border-top-width: initial; border-top-style: none;">Mindtree</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-89 basis points</td> </tr> <tr> <td class="xl66" style="height: 15pt; border-top-width: initial; border-top-style: none;">L&amp;T Tech</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-26 basis points</td> </tr> <tr> <td class="xl66" style="height: 15pt; border-top-width: initial; border-top-style: none;">Cognizant</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-34 basis points</td> </tr> <tr> <td class="xl67" style="height: 15.75pt; border-top-width: initial; border-top-style: none;">Infosys </td> <td class="xl71" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">+21 basis points</td> </tr></tbody></table>Source: Investec Securities The troubles are far from over. “We continue to expect continued pressures on revenue leading to decelerating revenue growth and PE (price to earnings) multiple contraction driven by weakness in BFS (banking and financial services) and retail. Amongst Tier-1s, TCS saw the biggest consensus EPS downgrade while Mindtree saw the biggest downgrade among Tier-2s in the last 3 months,” Investec Securities said in its December 4 report. <table style="width: 159pt;"> </colgroup> <tbody><tr> <td class="xl69" style="height:15.0pt;width:74pt">Stock</td> <td class="xl70" style="border-left-width: initial; border-left-style: none; width: 85pt;">One year Change</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">HCL Tech</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">13.01%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Tech Mahindra</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">6.97%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">TCS</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">6.17%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Infosys </td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">0.74%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Wipro</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-2.39%</td> </tr> <tr> <td class="xl67" style="height: 15.75pt; border-top-width: initial; border-top-style: none;">Mindtree</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-11.98%</td> </tr></tbody></table> SEE ALSO: <a href="https://www.businessinsider.in/personal-finance/bharat-bond-etf-launch-is-the-best-tax-saving-plan-learn-how-to-buy-and-save-taxes/articleshow/72484444.cms" data-type="tilCustomLink" target="_blank">The best thing about Bharat Bond ETF is the tax benefit— especially for those in the highest income bracket</a> <a href="https://www.businessinsider.in/stock-market/news/boris-johnson-is-not-the-only-one-celebrating-a-possible-historic-majority-for-uk-conservatives-a-bunch-of-indian-stocks-are-thrilled-too/articleshow/72501071.cms" data-type="tilCustomLink" target="_blank">Boris Johnson is not the only one celebrating a historic majority for UK conservatives— a bunch of Indian stocks are thrilled too</a>

The amount of Indian insurance stocks foreign investors hold has grown ten-fold in just about a year

Mindtree, a <keyword id="147676" type="General" weightage="80" keywordseo="larsen" source="Orion">Larsen</keyword> &amp; Toubro Group company, is planning to set up a development centre in <keyword id="6354925" type="General" weightage="50" keywordseo="kolkata" source="Orion">Kolkata</keyword>, which could create employment opportunities for 15,000-20,000 people in the next four-five years, a company official said here on Wednesday. The IT services firm has already onboarded 1,700 people in its existing facility in the West Bengal capital so far, he said. "We have taken up 19 acres of space. Hopefully, things will start. The construction will be done by L&amp;T... the management is committed. We will set up a huge centre," Mindtree Ltd Chief Executive Officer and Managing Director <keyword id="214484" type="General" weightage="80" keywordseo="debashis-chatterjee" source="Orion">Debashis Chatterjee</keyword> said at ICT East organised by CII. The development centre can create employment opportunities for 15,000-20,000 people, he said. The IT company had in March announced the opening of its first development centre in Kolkata. Another IT company of the L&amp;T group, Larsen and Toubro Infotech (LTI) had in June also announced opening up of a new centre in the eastern metropolis. Larsen and Toubro board had in May announced a composite scheme of amalgamation of its two listed IT services firms to create a combined entity. During the event, State Information Technology minister <keyword id="6721" type="General" weightage="80" keywordseo="babul-supriyo" source="Orion">Babul Supriyo</keyword> urged the industry leaders to guide his department about "what needs to be done" to grow the information and technology sector in West Bengal. Another multinational technology firm Oracle is also weighing opportunities in the state for a data centre project that could help small and medium businesses. We are working very closely with the government towards creating a dedicated data centre for West Bengal, said <keyword id="105775" type="General" weightage="80" keywordseo="shailendra-kumar" source="Orion">Shailendra Kumar</keyword>, senior vice president, regional managing director India and NetSuite JAPAC, Oracle NetSuite Global Business Unit. The plans could take shape over the next 2-3 months, he added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/sensex-nifty-in-the-green-as-crude-prices-soften/articleshow/94066162.cms">Sensex, Nifty in the green as crude prices soften</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indigo-shares-fall-over-4-as-co-founder-rakesh-gangwal-offloads-2000-cr-worth-stake/articleshow/94065345.cms">IndiGo shares fall over 4% as co-founder Rakesh Gangwal offloads ₹2,000 cr worth stake</a>

Mindtree planning to set up development centre in Kolkata: CEO

Happiest Minds is a smaller company that does the same thing as MindTree and L&T Infotech — but clearly it is doing it a lot better

<ul><li>Nasdaq-listed IT firm <keyword id="28721" type="General" weightage="20" keywordseo="cognizant" source="Orion">Cognizant</keyword> is going through a bad phase in terms of employees leaving the organisation.</li><li>The attrition rate of Cognizant is 33% much more than its Indian counterparts <keyword id="6357150" type="General" weightage="20" keywordseo="tcs" source="Orion">TCS</keyword> with 11.9%, <keyword id="6354512" type="General" weightage="20" keywordseo="infosys" source="Orion">Infosys</keyword> with 20.1%.</li><li>The IT giant added a record number of employees to fill the gap.</li></ul>The Indian information technology (IT) industry is reeling with a very high number of employees leaving the firms as the demand for digital services rises and so does the talent serving it. US-based Cognizant in its September quarter saw 33% attrition rate, which is far more than its Indian counterparts Tata Consultancy Services (TCS) with 11.9% and Infosys with 20.1%. <div type="image" title="cognizant attri" height="900" width="1200" msid="87327381" hostid="261"></div> As a result of the rising attrition rate, the company has brought in a number of employees onboard. It added 17,200 new employees in the September quarter taking the total headcount to 3.18 lakh. “While the industry faces an unprecedented competition for talent, we attracted a record number of employees to Cognizant, and stayed focused on delivering against our client commitments and our strategic repositioning,” said Brian Humphries, chief executive officer at Cognizant. The issue is not limited to a few <keyword id="6357647" type="General" weightage="20" keywordseo="it-companies" source="Orion">IT companies</keyword> but across the industry and to mitigate the number of employees leaving the firm, companies are deploying measures like broad-based hikes, promotions and retention incentives. Meanwhile, the company reported a double digit revenue growth of 12% to $4.7 billion in the third quarter (July-September), 2021. <div type="image" title="cog rev" height="900" width="1200" msid="87328900" hostid="261"></div> Further, the company has guided for $18.6 billion revenue in FY2021. The company follows a January to December accounting year. Shares of most IT companies were trading a tad lower on Thursday morning. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IT companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Share price change on October 28 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.14% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Technologies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">L&amp;T Technology Services </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.19% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.18% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mindtree </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.12% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mphasis </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.36% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/nykaa-raises-2400-crore-from-174-anchor-investors/articleshow/87325004.cms">Nykaa raises nearly ₹2,400 crore in anchor investment from Government of Singapore, Goldman Sachs, JP Morgan and others</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/nykaa-ipo-will-open-today-here-is-how-to-apply-via-bank-and-apps-like-zerodha-paytm-money/articleshow/87312035.cms">Nykaa IPO will open today — here is how to apply via bank and apps like Zerodha, Paytm Money</a>

You Searched For "MindTree share price" and got 13 results

The exodus of Mindtree executives has dented earnings and now shareholders are running for the hills — over to AM Naik

Prabhjote Gill

L&T takes over Mindtree in Indian IT’s first-ever hostile acquisition

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India begins a new trading week with a hostile takeover battle between Mindtree's founders and L&T

Sriram Iyer

L&T Infotech and Mindtree will remain separate and the open offer will be at ₹980

Sriram Iyer

Mindtree's share jumped by over 2% after quarterly profits hit $27.7 million

PTI

Reliance Industries, HDFC Bank, Mindtree, Vodafone Idea and other hot stocks on January 14

Rounak Jain

Top stocks to watch — HCL Tech, Airtel, IndiaMart, Mindtree, AstraZeneca Pharma, Sun Pharma, Voltas, and others

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The tech stocks binge is hotting up again with the second wave of COVID-19

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Cafe Coffee Day shares have lost ₹800 crore in value after founder VG Siddhartha goes missing

Preeti Soni

The amount of Indian insurance stocks foreign investors hold has grown ten-fold in just about a year

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Mindtree planning to set up development centre in Kolkata: CEO

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Happiest Minds is a smaller company that does the same thing as MindTree and L&T Infotech — but clearly it is doing it a lot better

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Cognizant faces the worst attrition rate in the industry, hires record number of employees to fill the gap

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