HCL Tech | Representative image
Shares of tech major HCL Technologies jumped nearly 5 percent in early trade on December 24 amid broad-based gains in the technology sector and reports suggesting multiple block deals in the stock.
CNBC-TV18 reported that 24.6 lakh shares changed hands in multiple block deals so far today. The shares were reportedly traded at an average of Rs 1,279 per share, with total transactions worth Rs 319.7 crore.
CNBC-Awaaz, on December 23, reported that the company’s promoters were all set to buy 45 lakh shares of the firm via the open market.
The reverse booking for block purchase was launched at up to a 5 percent premium to the closing price on December 23, at Rs 1,227.30. Citi is said to be the broker to the deal.
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The stock hit an intraday high of Rs 1,283.40 on the BSE, and at 9:36 hours, it was up 2.3 percent at Rs 1,254.20.
Most tech stocks have seen a stellar run over the past few months. HCL Technologies has gained about 13 percent in the past one month, and is up more than 32 percent so far this year.
The Nifty IT index is up about 40 percent this year. The index was the sole sectoral gainer on the NSE today in a choppy market. It was up about 0.8 percent, at 37,652 points, with all 10 stocks in the index in the green.
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HCL Tech was the biggest gainer on the Nifty IT index, followed by Coforge and Mphasis.
The Nifty 50 index, meanwhile, was down 0.24 percent at 17,032 points.
In other news for HCL Tech, on Wednesday, it signed a five-year agreement with Mexico-based global construction materials company — Cemex, under which it will deliver the next generation of employee services enabled by digital transformation, increased automation and near real-time analytics.
Also read: Hot Stocks | Double-digit returns likely in Tech Mahindra, HCL Technologies, MMTC in short term
HCL and Germany’s largest cooperative primary bank — Deutsche Apotheker- und Ärztebank eG (apoBank), in December’s second week had signed an agreement with Atruvia AG to acquire IT consulting company Gesellschaft für Banksysteme GmbH (gbs).
It is expected that the transaction will be complete by January 2022, reported The Economic Times. Following the transactions, HCL Tech will own 51 percent stake of gbs while apoBank will have a 49 percent stake. The latter has currently 10 percent stake in gbs.
