Mindtree gets NCLT approval for amalgamation of two US-based cos
Mindtree, an Indian multinational information technology and outsourcing company on Wednesday received the National Company Law Tribunal’s (NCLT) approval for its composite scheme of amalgamation.
The scheme includes the amalgamation of the US-based companies Discoventure Solutions LLC. and Relational Solutions Inc. with Mindtree Limited.
The stock of the company on the NSE was down by 3.1% and was trading at Rs 530 per share lower by Rs 17 per share at 1435 hours.
The stock has delivered negative returns of 18% in a period of one year and has underperformed the BSE Mid Cap and BSE IT indices over the same time span.
Stock view :-
Mindtree Ltd is currently trading at Rs 536.9, down by Rs 10.55 or 1.93% from its previous closing of Rs 547.45 on the BSE.
The scrip opened at Rs 546 and has touched a high and low of Rs 556.2 and Rs 514.5 respectively. So far 908839(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 9198.59 crore.
The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 681.5 on 05-Jul-2016 and a 52 week low of Rs 400 on 09-Nov-2016. Last one week high and low of the scrip stood at Rs 566 and Rs 535 respectively.
The promoters holding in the company stood at 13.67 % while Institutions and Non-Institutions held 46.28 % and 40.05 % respectively.
The stock is currently trading above its 50 DMA.
Mindtree Ltd :-
BSE 538.60 [8.85] ([1.62]%)
NSE 538.00 [8.70] ([1.59]%)
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