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HCL Tech Loses Over 2% After Share Buyback Approval

13 July, 2018 5:30 AM
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HCL Tech Loses Over 2% After Share Buyback Approval

HCL Tech share price lost 2 per cent in trade on Friday after the company announced a share buyback offer worth Rs 4,000 crore. At 11:03 am, on the Bombay Stock Exchange (BSE) HCL Tech share price was at Rs 983.45, down Rs 21.85 or 2.17 per cent. At the same time, on the National Stock Exchange (NSE) HCL Tech share price was at Rs 982.35 with a loss of Rs 23.70 or 2.36 per cent. On Thursday, the IT major approved the buyback of up to 3,63,63,636 equity shares of Rs. 2 face value at Rs. 1,100 per share for about Rs. 4,000 crore.

On the BSE, HCL Tech share price was at Rs 1,004 at open. HCL Tech share price hit an intra-day low of Rs 977.60 and an intra-day high of Rs 1,004. On Thursday, HCL Tech shares had closed at Rs 1,005.30 on the BSE. The 52-week low for HCL Tech shares is Rs 825.10. By 11 am, the market capitalisation was HCL Tech was over Rs 1.36 lakh crore.

On the NSE, HCL Tech share price was at Rs 997 at open. HCL Tech share price hit an intra-day low of Rs 976 and an intra-day high of Rs 997.80. On Thursday, HCL Tech shares had closed at Rs 1,006.05 on the NSE. The 52-week low for HCL Tech shares on the NSE is Rs 824.85 hit on December 4, 2017.

HCL Tech shares were among the top laggards on both Sensex and Nifty50.

Brokerage house IDBI Capital has an "Accumulate" call on HCL Tech stocks, with a target price of Rs 1,100.

HCL Tech's share buyback size is "14.83 per cent and 11.59 per cent, of the fully paid-up equity share capital and free reserves (including securities premium account)", the company said in a regulatory filing at the BSE.

Also read: Sensex Down Over 100 Points, Nifty Below 10,750

Source: ndtv.com

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