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HCL Tech inches up as board approves share buyback

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rose 0.14% to Rs 864.55 at 9:25 on after the company announced that its board approved buyback of up to 3.50 crore fully paid-up equity of the company at Rs 1000 per share.

The announcement was made after market hours yesterday, 20 March 2017.

Meanwhile, the S&P Sensex was up 23.31 points or 0.08% at 29,542.05.

On the BSE, 56,000 were traded on the counter so far as against the average daily volumes of 84,433 in the past one quarter. The stock had hit a high of Rs 874.60 and a low of Rs 864 so far during the day.

The stock had hit a 52-week high of Rs 879.15 on 20 March 2017 and a 52-week low of Rs 706.50 on 11 May 2016. The stock had underperformed the market over the past one month till 20 March 2017, advancing 2.57% compared with the Sensex's 2.99% rise. The scrip had also underperformed the market over the past one quarter, rising 4.14% as against the Sensex's 12.2% rise.

The large-cap company has equity capital of Rs 282.24 crore. Face value per share is Rs 2.

HCL Technologies' board at its meeting held yesterday, 20 March 2017, approved buyback of up to 3.50 crore fully paid-up equity of the company at Rs 1000 per share, for an aggregate amount not exceeding Rs 3500 crore.

The buyback price of Rs 1000 is at a premium of 15.83% to the stock's closing price of Rs 863.30 yesterday, 20 March 2017.

The buyback is proposed to be made from the shareholders of the company on a proportionate basis, through the tender offer route. The announcement was made after market hours yesterday, 20 March 2017.

Separately, said that it has been chosen as the strategic IT services provider to the Volvo Ocean Race. HCL will be responsible for developing and delivering IT solutions for the 2017-18 edition of the race around the world. The Volvo Ocean Race held every three years witnesses the coming together of the best sailors across the world. The announcement was made after market hours yesterday, 20 March 2017.

HCL Technologies' consolidated net profit rose 2.3% to Rs 2062.04 crore on 2.56% growth in net sales to Rs 11814.20 crore in Q3 December 2016 over Q2 September 2016.

is a leading global IT services company working with clients in the areas that impact and redefine the core of their businesses.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, March 21 2017. 09:15 IST
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