LTIMindtree share price jumped 1.32% to Rs 5324.3 today after the Index Maintenance Sub-Committee (Equity) of NSE Indices decided to exclude HDFC and include LTIMindtree in Nifty50 with effect from July 13. Jindal Steel & Power is going to replace HDFC in the Nifty 100 index and LTIMindtree in the Nifty Next 50 index, while Mankind Pharma will replace HDFC in the Nifty 500 index and Jindal Steel & Power in the Nifty Midcap 150 index. LIC Housing Finance will replace HDFC in the Nifty Financial Services index. HDFC’s share price tanked 2.31% to Rs 2814.25.
LTIMindtree Outlook
“We forecast CC revenue growth of 1.0% QoQ in 1QFY24. We assume a cross-currency tailwind of 30 bps. Expect margin expansion of 80 bps on QoQ basis to 17.2%. Vertical-wise we expect, travel and energy to continue to do well while hi-tech should come back to the growth path. Large deal momentum continues to remain strong. We expect the company to maintain double digits CC growth guidance for FY24. Key investor focus areas: Commentary on demand and deal wins. Update on margins trajectory as the company guided for 200 bps incremental margins over the medium term,” said analysts at Antiques Stock Broking. The brokerage maintains ‘Buy’ on stock.