Shares of LTIMindtree jumped 4.5 percent to hit a 52-week high of Rs 6,215.8 on December 15 after the IT services provider launched a delivery centre in Mexico City as part of expanding its presence in Latin America.
In the past one month, the stock of LTIMindtree has surged 13 percent as against an 8 percent rise in the Nifty IT index.
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In an exchange filing on December 15, LTIMindtree said that the delivery centre in Mexico City will enable workforce transformation and localisation of the company in the Americas.
"With this delivery centre in Mexico, we can bridge the gap between our near-shore and local customers and the expertise of local talent while successfully delivering programs within the same time-zone," said Nachiket Deshpande, whole-time director and COO.
LTIMindtree’s clients in Mexico range from sectors like telecom, media and entertainment, manufacturing, technology and services, banking and financial services, and RCG. The company has 12 offices across the Americas and has over 70 Fortune 500 companies as its clientele.
Also read: Buy LTIMindtree; target of Rs 5,890 HDFC Securities
Analysts at Anand Rathi retained a 'buy' rating on LTIMindtree post Q2 results. "We introduce FY26e and expect LTIMindtree to clock a 12 percent revenue CAGR over FY24-26 and higher EBIT margins (18.7 percent by FY26, from 16.6 percent in FY24), leading to a 19 percent EBIT CAGR. This would result in an FY26 EPS of Rs231. The stock trades at FY26e PE of 22x, which we find attractive, our target is based on 26x FY26e EPS, reflecting expectations of recovery ahead," the brokerage firm underlined.
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