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Wednesday, July 20, 2016

Shares of L&T Infotech made a weak debut on the National Stock Exchange(NSE)Thursday July 21,2016

Shares of L&T Infotech made a weak debut on the National Stock Exchange on Thursday July 21,2016, listing at Rs. 667 a share vis-a-vis their issue price of Rs. 710, a discount of about 6 %

At 11 am, the stock was trading at Rs. 708.80 on the NSE after trading between Rs. 709.90 and Rs. 666 in morning deals. 

On the BSE, it listed at Rs. 666.60 and traded between Rs. 709.55 and Rs. 666 on the BSE in morning deals. At about 11 am, the stock was quoting at Rs. 706.65. 

On the BSE, the number of sell orders (2,55,008) outnumbered the buy (2,25,198). It was the same on the NSE too--Buy quantity was 7,55,420 vs Sell at 10,57,506. 

L&T Infotech’s Rs. 1,243-crore IPO had attracted more than one million applications, the highest for any share sale offer in at least five years. 

From 2011 till date, L&T Infotech is the first one to attract million applications. 

The IPO had been subscribed more than 11 times. 

L&T Infotech had fixed a price band of Rs. 705-710 per share for the offering. 

Kotak Mahindra Capital Company, Citigroup Global Markets India and ICICI Securities were the managers of the issue. 

In the financial year 2015-16, L&T Infotech’s revenue from operations and other income stood at Rs. 6,143.02 crore, while it clocked a profit after tax of Rs. 922.17 crore during the same period. 

L&T Infotech is the sixth largest Indian IT services player at present with a revenue of $887 million and an employee base of over 20,000 people.

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