ASHOK SOOTA
Happiest Minds Q2 Results: Profit rises 15% to Rs 62 crore; revenue up 12% to Rs 645 crore
Happiest Minds Technologies has seen a 15.12% rise in consolidated net profit for the September quarter FY27. Revenue from operations also increased by 12.5% compared to the previous year. The company announced an interim dividend of Rs 3.05 per equity share for the 2026-27 fiscal year. An exceptional charge was included in the quarter's results due to a proposed merger with ITC Infotech.
Happiest Minds shares fall for 5th day as merger concerns weigh
The stock of Happiest Minds Technologies has experienced a significant downturn due to uncertainty related to the ITC Infotech integration. Promoters will cash in, whereas minority shareholders are set to receive shares in the merger. The merger is expected to enhance long-term profitability. Yet, HDFC Securities has downgraded the stock, pointing out the lack of a takeover premium and the anticipated integration time.
Happiest Minds stake sale: At 82, Ashok Soota’s next act is a ₹1,330 cr healthcare push
Ashok Soota is selling a significant stake in Happiest Minds Technologies for Rs 1,330 crore. These funds will support his medical research and healthcare ventures. ITC Infotech will acquire the stake as part of a merger plan. The combined entity aims for a USD 1 billion turnover by FY28. Soota will retain a minority stake after the merger completion.
Happiest Minds rules out job cuts after merger with ITC Infotech
Addressing a press conference after the merger announcement, top executives of the Bengaluru-based firm said that the ITC leadership has specifically stipulated the continuity of the entire workforce and leadership team. The management highlighted that both companies are currently operating at high utilisation levels - ITC Infotech at 83-84% and Happiest Minds at 80% - leaving little room for headcount reduction.
ITC shares rise 5%; Happiest Minds falls 8% after FMCG major acquires IT firm. What shareholders must know
ITC shares rose, while Happiest Minds fell, after ITC Infotech announced plans to acquire and merge with the Bengaluru-based IT services firm. ITC Infotech will first buy a 22.1% stake from founder Ashok Soota for Rs 1,330 crore, followed by a share swap. After the merger, ITC will hold 73.4% of the combined entity, while Happiest Minds shareholders will own 19%. The deal will also give ITC Infotech a backdoor listing.
Tech layoffs continue; ITC Infotech-Happiest Minds to merge
Happy Tuesday! Tech giants Oracle and Microsoft are planning to restructure their India workforces. This and more in today’s ETtech Morning Dispatch.
ITC Infotech to merge with Happiest Minds, buy 22% promoter stake for Rs 1,330 crore
ITC Infotech will merge with Happiest Minds Technologies creating a significant IT services entity. This merger aims to establish an AI-first enterprise with a substantial turnover by FY28. ITC Infotech is acquiring a significant stake from Happiest Minds promoters as a precursor. The combined entity will become India's eleventh largest listed IT services player by revenue. Upon completion, the merged company is proposed to be listed on Indian stock exchanges.
Happiest Minds Technologies shares fall 6% as reports suggest ITC Infotech may buy promoter stake
Happiest Minds Technologies shares fell 6.16% after reports that ITC Infotech may acquire a 22% promoter stake. The stock settled at Rs 420.25, while investors weighed the potential transaction against the company’s recent profit and revenue growth.
IIT Roorkee inaugurates Ashok Soota Molecular Medicine Facility at BSBE to advance translational biomedical research
IIT Roorkee has launched the Ashok Soota Molecular Medicine Facility, a state-of-the-art platform for advanced biomedical research, drug discovery, and diagnostics. This integrated facility, equipped with advanced instrumentation, will accelerate translational research and contribute to national healthcare priorities and global scientific advancements.
Happiest Minds’ Ashok Soota shrugs off stake sale reports
Happiest Minds’ founder and chairman Ashok Soota said on Tuesday that he was “very much in charge” at the mid-cap IT firm, amid media reports that he was exploring a stake sale.
Ashok Soota sells a 6% stake in Happiest Minds Technologies for Rs 762.8-crore via block deal
Ashok Soota, a promoter of Happiest Minds Technologies, sold 91.3 lakh shares in a BSE bulk deal worth 762.8 crore at 834.87 apiece, reducing his stake by 6% from the company's total equity, where he previously held 38.34% as of March 31, 2024. The company's shares fell 9.44% to 830.45 at Tuesday's close.
Happiest Minds shares tumble over 9% on promoter stake sale buzz
Happiest Minds shares decline 9.5% as Ashok Soota likely sells 6% stake, 91.3 lakh shares. Q4FY24 PAT up 24.8%, revenue grows 9.5% YoY. Trading in overbought zone near 71 RSI level.
At 79, Ashok Soota launches health and wellness venture
“We should go public in six or seven years,” Soota, also the chairman of mid-tier It firm Happiest Minds, told ET.
Happiest Minds appoints N Venkatraman as new CFO
Happiest Minds Technologies has appointed a former executive of Sonata Software N Venkatraman as chief financial officer of the 4-year-old company.
Happiest Minds Tech eyes public listing in about 7 yrs: Ashok Soota
"We will take the company public in about seven years, plus or minus a year," said Soota, who has already garnered an investment of $45 mn from US-based venture capital funds for the one-year old IT services company.
Mindtree chasing 7 deals worth at least $25 million each: CFO
Information technology services company Mindtree is chasing outsourcing contracts worth at least $175 million in the financial services and manufacturing sectors in the United States.
Happiest Minds gets $45 million funding from Canaan, Intel & other founders
Happiest Minds secures $45 mn funding from Canaan Partners, Intel Capital, Ashok Soota and other founders of the company.
Soota sticks to personal reasons in adieu note at MindTree
He again sought to clarify that his departure was due to personal reasons, while maintaining the company leadership has had healthy debates in past.
MindTree's Soota says no immediate plan to divest stake in company
Ashok Soota, the outgoing executive chairman of MindTree, said on Monday that he has no "immediate plans" to sell his stake in the company.
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