Indian IT Services firm LTIMindtree has secured its biggest contract to date estimating the value at $580 million, according to reports.

The sixth largest exporter of software services in India announced that the agreement was with a prominent global media and entertainment firm but did not reveal the client's identity.

The firm did not promptly reply to an inquiry regarding the deal's size or the client's identity.

The agreement arrives during a period when India's IT industry, valued at $283 billion, is encountering macroeconomic challenges, tariff-related threats, and shifts in U.S. immigration regulations. India's IT firms will announce their earnings for the September quarter beginning Thursday, with analysts anticipating lackluster outcomes.

In May, LTIMindtree revealed its second-largest agreement valued at $450 million, reportedly with the U.S. agribusiness leader Archer-Daniels-Midland.

The firm's stock ended 3% up on Monday, representing its largest daily increase in almost five months.
LTIMindtree stated it will contribute to the client's initiatives to enhance operations and update delivery models, utilizing automation, process enhancement, and vendor integration.

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HFS Research CEO Phil Fersht noted that mid-cap firms like LTIMindtree, Coforge, and Mphasis are gaining traction in securing large contracts due to their swifter, more adaptable approaches in formulating AI-driven value offerings.

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"Although the large-cap companies are still refining their legacy portfolios, these mid-cap firms are securing new clients and venturing into outcome-driven, AI-enhanced agreements," he said.

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LTIMindtree is an innovative type of technology consulting firm. They assist companies in evolving – from foundation to experience – to succeed in the future marketplace. By uniquely combining engineering expertise with experience knowledge, LTIMindtree accelerates businesses toward the future.