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Business Standard
29-05-2025
- Business
- Business Standard
LTIMindtree shares gain 3% after launching NextEra JV with Aramco Digital
Shares of LTIMindtree rose over 3 per cent on Thursday after partnering with a unit of Aramco to announce the launch of NextEra, an information technology (IT) services company headquartered in Saudi Arabia. LTIMindtree's stock rose as much as 3.48 per cent during the day to ₹5,276 per share, the biggest intraday gain since May 12 this year. The stock pared gains to trade 1.6 per cent higher at ₹5,186 apiece, compared to a 0.02 per cent advance in Nifty50 as of 10:38 AM. Shares of the company have risen 13 per cent so far this month and have gained over 32 per cent from their April lows. The stock has fallen 6.8 per cent this year, compared to a 4.8 per cent rise in the benchmark Nifty50. LTIMindtree has a total market capitalisation of ₹1.5 trillion, according to BSE data. Track LIVE Market Updates Here Aramco Digital, LTIMindtree launch NextEra Aramco Digital, the of energy giant Aramco, and LTIMindtree have jointly launched NextEra, a new-generation IT services firm in Saudi Arabia. Formed under the strategic joint venture 'LTIM Aramco Digital Solutions for Information Technology Company', NextEra aims to drive Saudi Arabia's digital transformation in alignment with its Vision 2030 goals. The initiative is part of Aramco's Namaat Industrial Investments Program, which supports homegrown innovation and sustainable economic diversification. NextEra will offer advanced digital solutions powered by AI, automation, cloud services, and digital engineering, all tailored to enhance operational efficiency, decision-making, and customer experiences. 'This launch is a pivotal milestone in localising IT services and building a future-ready digital ecosystem,' said Nabil Al-Nuaim, Chairman of NextEra and CEO of Aramco Digital. 'Our partnership with LTIMindtree blends world-class tech expertise with deep regional insight. Through NextEra, we aim to drive innovation, enhance competitiveness, and contribute meaningfully to Saudi Arabia's digital journey.' LTIMindtree Q4 results India's sixth-largest IT services company reported a 2.6 per cent increase in profit in the fourth quarter of the financial year 2024-25 (Q4FY25) to ₹1,128.5 crore. On a sequential basis, the profit was up 3.9 per cent. Revenue was up 9.9 per cent to ₹9,771.7 crore during the same period last financial year. On a quarter-on-quarter basis, the revenue grew 1.1 per cent. Growth during the quarter was mainly driven by banking, financial services and insurance (BFSI) and manufacturing businesses, which grew at 12 per cent and 13.3 per cent year-on-year (Y-o-Y) respectively. The consumer business reported negative growth of 1.9 per cent Y-o-Y. Healthcare, lifesciences and public services was down 16.2 per cent Y-o-Y.
Time of India
28-05-2025
- Business
- Time of India
Aramco Digital and LTIMindtree launch next-generation IT services company, NextEra
Aramco Digital, the digital and technology subsidiary of Aramco, and LTIMindtree has announced NextEra – a next-generation IT services company headquartered in the Kingdom of Saudi Arabia. The strategic joint venture – officially named 'LTIM Aramco Digital Solutions for Information Technology Company' - 'NextEra' is designed to accelerate Saudi Arabia's digital transformation in alignment with the Kingdom's ambitious Vision 2030 . NextEra is backed by Aramco's Namaat Industrial Investments Program and represents a shared commitment to fostering a robust, homegrown digital ecosystem. The new entity will leverage cutting-edge technologies to offer solutions that enhance operational efficiency, enable intelligent decision-making, and deliver seamless customer experiences across industries. Built on six core pillars—AI and automation, scalable cloud services, deep industry expertise, digital engineering, sustainability, and customer centricity—NextEra intends to provide future-ready services tailored to the evolving needs of both regional and international markets. Nabil Al-Nuaim, Chairman of NextEra and CEO of Aramco Digital said 'The launch of NextEra marks a pivotal milestone in our efforts to localize IT services and contribute to advancing the Kingdom's digital landscape. We are glad to partner with LTIMindtree in establishing this joint venture, which brings together world-class technology expertise and deep local insight. Through NextEra, we aim to build a future-ready digital ecosystem that drives innovation, enhances national competitiveness, and contributes to the Kingdom's digital transformation journey under Vision 2030. This collaboration also reinforces Aramco Digital's commitment to accelerating digital progress across industrial and other strategic sectors, delivering sustainable impact, long-term value, and alignment with national priorities.' With its blend of local knowledge and global expertise, NextEra aims to be a cornerstone of Saudi Arabia's digital future—optimizing operations, driving innovation, and enabling sustainable growth across strategic sectors. Venu Lambu, Vice Chairman, NextEra; Chief Executive Officer (Designate) and Whole-Time Director, LTIMindtree said 'Partnering with Aramco Digital to establish NextEra is a significant milestone in LTIMindtree's global expansion strategy. We are excited to bring our deep technical capabilities and cross-industry experience to support Saudi businesses in their digital journeys.' Dina Aboonoq, CEO and Board Member, NextEra; Executive VP, LTIMindtree said 'This joint venture is a key step toward Saudi Arabia's Vision 2030, as we build a national platform for innovation and sustainable digital growth. Through advanced delivery centers and partnerships with local universities, we're accelerating digital transformation, empowering local talent, and supporting SMEs and major industries with tailored managed services that ensure excellence and compliance.'
