L&T Infotech stock spikes 8% to hit all-time high, company gains Rs 1,000 crore in mcap on Blockchain play

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Updated: December 13, 2017 1:39:46 PM

Shares of L&T Infotech rose nearly 8% on Wednesday and were the top gainers in ‘A’ group of Bombay Stock Exchange. In a development yesterday, Larsen & Toubro Infotech said that it will offer blockchain solution powered by Microsoft Azure.

At the all-time high price of L&T shares, the market capitalisation jumped to Rs 18,517.22 crore from Rs 17,163.22 crore a day before. (Image: Reuters)

Shares of L&T Infotech rose nearly 8% on Wednesday and were the top gainers in ‘A’ group of Bombay Stock Exchange. The stock of L&T Infotech advanced as much as 7.94% to an all-time high of Rs 1,078.35 on BSE. Following the spurt in the share prices, the L&T group company, L&T Infotech added about Rs 1,353.99 crore in the market capitalisation. At the all-time high price of L&T shares, the market capitalisation jumped to Rs 18,517.22 crore from Rs 17,163.22 crore a day before. In a development yesterday, Larsen & Toubro Infotech said that it will offer blockchain solution powered by Microsoft Azure. “Larsen & Toubro Infotech ….. announced ….the availability of its blockchain-based trade finance solution on Microsoft Azure marketplace,” L&T Infotech said in an exchange filing.

“The solution tracks the flow of goods in a value chain, improving transparency across multiple entities involved. It enables accelerated adoption of distributed ledger technologies by bringing together LTI’s deep industry knowledge and blockchain capabilities together with Microsoft’s expertise in cloud-based solutions,” L&T Infotech further said.

“Our vision is to deliver exponential operational efficiencies to the world’s leading companies through digital innovation. LTI’s Blockchain services include end-to-end consulting and implementation and are designed to help transform our clients’ business operations. The collaboration with Microsoft will accelerate our ability to deliver these services on Cloud.” Aftab Ullah, Chief Operating Officer, L&T Infotech said.

Meanwhile, Indian stock markets recovered all the morning losses and again set back in the rising path after Sensex, Nifty, India’s benchmark 10-year bond came under pressure on Wednesday after the retail inflation spiked to a 15-month high. BSE Sensex rose 176.27 points to hit a high of 33,404.26 and NSE Nifty added 56.4 points to mark the day’s high at 10,296.55.

The Central Statistics Office (CSO) released the two key macroeconomic data — Consumer Price Index (CPI) for November and Index of Industrial Production (IIP) for October — yesterday evening.The Retail Inflation for November has surged to a 15-month high at 4.88%, breaching the 4% target set by the Reserve Bank of India, from 3.58% in the previous month, government data showed on Tuesday. Meanwhile, the Industrial production growth slowed to 2.2% in October as compared to 4.2% a year ago.

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