Happiest Minds zooms over 6% on launch of new vertical organisation structure

Happiest Minds Technologies share price gained more than 6% on Tuesday after the company announced a new vertical organisation structure comprising six new Industry Groups (IG).

The digital transformation and IT solutions company informed the stock exchanges on February 27, 2024, that its new vertical organisation structure consists of six new groups— industrial, manufacturing and energy and utilities; healthcare and life sciences, retail, CPG and logistics; banking, financial services and insurance (BFSI); hi-tech and media and entertainment, and edtech.

The company said that the potential of this new structure is massive and will be the bedrock of new growth engines, which will enable Happiest Minds Technologies to compete better in the global markets, thereby realising the company’s vision of reaching a revenue of $1 billion by 2031.

Each of the aforementioned new Industry Group of Happiest Minds Technologies will be led by an IG Head, responsible for the profit and loss (P&L), the sale of Generative AI Business Services, or GBS, to the company’s existing and potential accounts in addition to Product and Digital Engineering Services (PDES) and Infrastructure Management and Security Services (IMSS).

Further, each of the stated IG Cluster will have a dedicated team with deep domain expertise, specialist BDMs for existing account growth, and in-house consulting capabilities, the company said in a press release on Tuesday.

“This verticalisation is a major event in the evolution and growth of Happiest Minds changing the foundations of our organisation structure, while significantly augmenting our sales prowess and accelerating growth,” said the Executive Vice Chairman and CEO of Happiest Minds, Ashok Soota.

After the announcement, shares of the company surged as much as 6.49% to a high of ₹888.9 apiece on NSE. The IT services stock dropped more than 3% this year so far (YTD) while it gained only 2% in the last one year period. The stock hit a 52-week high of ₹1,023 per piece on NSE on June 22, 2023.

Shares of Happiest Minds Technologies Ltd were trading 3.8% higher at ₹866.25 per piece on NSE at 2 pm.