HCL Technologies sees block deal of Rs 1,786 crore

28 Jun 2024 , 12:31 PM

HCL Technologies’ share declined more than half a percent after company’s 1.24 Crore shares changed hands in a block deal worth ₹1,786 Crore.

At around 12.11 PM, HCL Technologies was trading 0.33% lower at ₹1,450.15 per piece, against the previous close of ₹1,454.90 on NSE. The counter touched an intraday high and low of ₹1,468.70, and ₹1,442, respectively.

Around 1.24 Crore equity shares, or approximately 0.46% of HCL Technologies’ holdings, were traded in the block deal window.

The shares traded for ₹1,440.50 a share, compared to the previous closing of ₹1,456.25, for a total deal value of ₹1,786 Crore.

Buyers and sellers of shares were not immediately known, since bourses will update the data after market hours.

HCLTech has gained almost 6% in the last month as IT shares have recovered. So far in 2024, the stock has produced negative returns of more than 2%.

Macquarie has changed the IT company’s rating to “outperform” and marked it as a headline buy. Macquarie also raised the target price for HCLTech by 6%, citing increased margins in FY26 and FY27. HCL Tech’s margins were under pressure from FY20 to FY24 as its staff grew.

Macquarie observed a significant shift in HCLTech’s hiring approach, with the business increasing onboarding of new employees, which would be a critical move for the company.

According to the brokerage, increased utilisation of low-cost staff would assist grow margins in FY26 and FY27.

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