LTIMindtree stock gains on signing MoU with Eurolife FFH for gen AI hubs

Shares of LTIMindtree gained 1.5 percent at the open on February 22, a day  after the IT services company signed a memorandum of understanding with insurer Eurolife FFH to set up generative Al and digital hubs in Europe and India.

At 9:20 am, the stock was trading at Rs 5,499.30 on the National Stock Exchange.

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LTIMindtree signed an MoU with Eurolife FFH to set up Gen Al and digital hubs in Europe and India, the company said in a BSE filing. The facilities will be developed in  Poland and Mumbai, while Eurolife FFH will be setting up a "Generative Al and Digital Hub" in Athens to develop innovative solutions for insurance businesses in Greece.

LTIMindtree will be providing "deep domain expertise and support" from facilities in Poland and Mumbai. Eurolife FFH is a Fairfax Financial Holdings group company dealing in insurance.

In Q3FY24, LTI Mindtree reported a 16.8 percent year-on-year (YoY) increase in net profit to Rs 1,169 crore for the quarter ending December 2023. This growth was driven by an all-time high quarterly order book. Revenue  for the same period grew 4.6 percent to Rs 9,016 crores.

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