Tag: MindTree Ltd

MindTree board approves Rs 270 cr share buyback

MindTree board approves Rs 270 cr share buyback

28/06/2017 17:00

IT and outsourcing company Mindtree on Wednesday said that its board has approved the proposal to buyback the fully paid-up equity shares of the company worth Rs 270 crore.

“The board of directors of the company at its meeting on June 28, 2017, approved buyback proposal for purchase by the company of its own fully paid equity shares of Rs 10 each not exceeding 43.20 lakh equity shares, being 2.57 per cent of the total paid up equity share capital, at aprice not exceeding Rs 625 per share for an aggregate amount of Rs 270 crore,” Mindtree said in a filing to BSE.

The buyback would be carried out via the tender offer route under the board approval route, said the company in the filing.

The board has also approved July 11, 2017, to be the Record Date for determining the entitlement and the names of the equity shareholders, it added.

Meanwhile, shares of company closed day’s trade at Rs 531.20 apiece, up 0.82 per cent, on the BSE.

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MindTree board to consider buyback of equity shares

MindTree board to consider buyback of equity shares

22/06/2017 16:22

Mindtree, an Indian IT and outsourcing company, on Thursday said that its board would consider the proposal to buyback the fully paid-up equity shares of the company.

“A meeting of the board of directors of the company will be held on June 28, 2017 to consider the proposal to buyback the fully paid-up equity shares of the company,” said Mindtree in a filing to the Bombay Stock Exchange.

Further, pursuant to company’s code for prevention of insider trading, the trading window of the company will be closed from June 26, 2017 to June 30, 2017 (both the days inclusive) for the designated Persons and others, it informed the exchange.

Meanwhile, shares of company closed day’s trade at Rs 520.35 apiece, up 0.21 per cent, on the BSE.

Gartner includes Mindtree’s Magnet 360 in its market guide

23/02/2017 16:28

Bengaluru-based IT & outsourcing firm MindTree Ltd on Thursday said that its Magnet 360 division was included in Gartner’s Market Guide for Salesforce Service Providers.

In a filing to the Bombay Stock Exchange, MindTree said, “Magnet 360 included in Gartner’s Market Guide for Salesforce Service Providers.”

Gartner identified Magnet 360 as a representative provider for customer analytics, sales cloud, service cloud, marketing cloud and app cloud, it said.

The report recommends that clients should “favor service providers that have tools, templates and accelerators that can be leveraged to reduce time and cost to deploy, increase predictability and meet or exceed TCO requirements.”

Commenting on the development, Magnet 360, CEO, Matt Meents said, “By providing highly-certified Salesforce professionals with expertise across Salesforce clouds, Magnet 360 has established itself as a strategic partner for Salesforce globally. To increase and support these efforts, Magnet 360 will leverage its recently opened Salesforce Center of Excellence in Munich, Germany, to align to the expansion of Salesforce in continental Europe.”

“Throughout their history, Magnet 360 has been one of our strongest and most committed partners. Now as a part of Mindtree, they have the scale to really grow and continue to be a strategic and important partner,” said Don Lynch, SVP Global Alliances from Salesforce.

Meanwhile, shares of the company closed at Rs 469.95 apiece, up 0.36 per cent, from previous close on BSE.

MindTree Q3 net up 7.2% at Rs 150.9 cr

18/01/2016 17:17

IT services provider, MindTree Ltd has reported an increase of 7.2 per cent in its consolidated net profit at Rs 150.9 crore for the third quarter ended December 31, 2015.

The company had posted a consolidated net profit of Rs 140.8 crore in the same quarter last year, the company said in a filing to the Bombay Stock Exchange.

During the quarter under review, total income of the company grew 31.8 per cent to Rs 1219.7 crore from Rs 925.7 crore in corresponding quarter last year.

Commenting on the performance, MindTree, CEO and Managing Director, Krishnakumar Natarajan, said, “We saw good revenue growth in Q3 as we continue to strike the right chord with our clients. This broad-based result reflects the ongoing momentum of our key focus areas such as Digital and Managed Services. Those initiatives combined with our recent acquisitions and deal wins are creating a clear path to further our growth trajectory.”

Further, the company in a separate filing have recommended for the consent and approval of the Members for the issue of Bonus Shares to the holders of Equity Share/s of the Company in the ratio of 1:1 (i.e., one Bonus Equity Share of Rs. 10/- each, for every one fully paid up Equity Share of Rs. 10/- each held).

The board of directors have also declared an interim dividend of 40 per cent for the quarter ended December 31, 2015.

Meanwhile, shares of the company closed trading at Rs 1469.60 apiece, down 4.51 per cent from the previous close on BSE.