L&T; makes formal move to acquire Mindtree L&T;, the parent of L&T; Infotech (LTI), has announced its intent to acquire ~66% stake in Mindtree (MTCL) as top shareholder VG Siddhartha looks to monetise his stake. We expect the recent correction in LTI (rated BUY, trading at 17.6x/15.1x FY20E/ FY21E P/E) to reverse as its parent has indicated plans to run MTCL as an independent entity. In our view, distractions at MTCL as the promoters tussle with L&T; over leadership control can impair operating performance, though we don't...