Explained - Why ITC shares jumped 4% on Tuesday after unit's deal with happiest Minds

ITC shares jumped 4% on Tuesday after its unit ITC Infotech acquired 22.1% of Happiest Minds Technologies.

ITC will hold a 73.4% stake in the combined entity, which could trade at a holding company discount of 25-30%.

The deal could add ₹5-7 per share for ITC shareholders, with an implied value of ₹18,000-20,000 crore.