 "IT shares gain; TCS, HCL Tech near 52-week high")
Shares of information technology (IT) companies were in focus with the Nifty IT and S&P BSE IT index gaining more than 2% in an otherwise range-bound market.
Tata Consultancy Services (TCS), Infosys, HCL Technologies, Tata Elxsi, Hexaware Technologies and Tech Mahindra were up in the range of 2% to 6%.
At 09:59 am; Nifty IT (10,895) and S&P BSE IT index (10,510) were up 2.2%, as compared to a marginal 0.08% decline in the benchmark indices.
In the past one month, the IT indices have outperformed the market by gaining 8% against 5% rise in the S&P BSE Sensex and 4.2% gain in Nifty 50 index.
TCS has rallied 4% to Rs 2,707 on the BSE in intra-day trade, quoting close to its 52-week high of Rs 2,740 touched on August 12, 2016. HCL Technologies was also up 3.3% at Rs 887, trading closer to its 52-week high of Rs 890 hit on March this year.
TCS’ buyback offer of about 56 million equity shares, which ended on May 31, received an overwhelming response. The offer was subscribed by 221% or 124 million shares. The company had fixed the buyback at price of Rs 2,850 a share.
HCL Tech buyback offer will commence from June 12 and will close on June 23, 2017. The company intends to buy back 35 million equity shares at Rs 1,000 a piece.
“The Buyback is being proposed by the Company to return surplus funds to the equity shareholders, which are over and above its ordinary capital requirements and in excess of any current investment plans. It expected to contribute to the overall enhancement of the equity shareholders’ value, and result in an increase in the return on equity of the Company,” HCL Tech said in a statement.
Tata Elxsi has surged 7% to Rs 1,598, extending its Monday’s 10% rally on the BSE, after the company announced the licensing of its advanced autonomous vehicle middleware platform “Autonomai” to one of the world’s top 5 automotive OEMs (original equipment manufacturer) for their driverless car R&D.
"The Autonomai platform provides carmakers and Tier 1 automotive suppliers with a comprehensive and modular solution covering perception, GNC and drive-by-wire systems, to quickly build, test and deploy autonomous vehicles,” Tata Elxsi, a Tata Group company said in a press release.
Tata Consultancy Services (TCS), Infosys, HCL Technologies, Tata Elxsi, Hexaware Technologies and Tech Mahindra were up in the range of 2% to 6%.
At 09:59 am; Nifty IT (10,895) and S&P BSE IT index (10,510) were up 2.2%, as compared to a marginal 0.08% decline in the benchmark indices.
In the past one month, the IT indices have outperformed the market by gaining 8% against 5% rise in the S&P BSE Sensex and 4.2% gain in Nifty 50 index.
TCS has rallied 4% to Rs 2,707 on the BSE in intra-day trade, quoting close to its 52-week high of Rs 2,740 touched on August 12, 2016. HCL Technologies was also up 3.3% at Rs 887, trading closer to its 52-week high of Rs 890 hit on March this year.
TCS’ buyback offer of about 56 million equity shares, which ended on May 31, received an overwhelming response. The offer was subscribed by 221% or 124 million shares. The company had fixed the buyback at price of Rs 2,850 a share.
HCL Tech buyback offer will commence from June 12 and will close on June 23, 2017. The company intends to buy back 35 million equity shares at Rs 1,000 a piece.
“The Buyback is being proposed by the Company to return surplus funds to the equity shareholders, which are over and above its ordinary capital requirements and in excess of any current investment plans. It expected to contribute to the overall enhancement of the equity shareholders’ value, and result in an increase in the return on equity of the Company,” HCL Tech said in a statement.
Tata Elxsi has surged 7% to Rs 1,598, extending its Monday’s 10% rally on the BSE, after the company announced the licensing of its advanced autonomous vehicle middleware platform “Autonomai” to one of the world’s top 5 automotive OEMs (original equipment manufacturer) for their driverless car R&D.
"The Autonomai platform provides carmakers and Tier 1 automotive suppliers with a comprehensive and modular solution covering perception, GNC and drive-by-wire systems, to quickly build, test and deploy autonomous vehicles,” Tata Elxsi, a Tata Group company said in a press release.
| COMPANY | LATEST | PREV CLOSE | GAIN(%) |
| TATA ELXSI | 1566.70 | 1491.70 | 5.0 |
| CYIENT | 532.60 | 508.15 | 4.8 |
| HEXAWARE TECH. | 263.75 | 252.45 | 4.5 |
| HCL TECHNOLOGIES | 896.00 | 858.15 | 4.4 |
| TCS | 2691.60 | 2601.05 | 3.5 |
| SONATA SOFTWARE | 168.00 | 162.70 | 3.3 |
| TAKE SOLUTIONS | 133.45 | 129.30 | 3.2 |
| MAJESCO | 335.00 | 325.05 | 3.1 |
| PERSISTENT SYS | 617.90 | 601.50 | 2.7 |
| NIIT TECH. | 568.00 | 556.05 | 2.2 |
| INFOSYS | 980.00 | 960.20 | 2.1 |
| TECH MAHINDRA | 409.00 | 402.65 | 1.6 |
| VAKRANGEE | 411.40 | 405.20 | 1.5 |
| MINDTREE | 564.70 | 557.30 | 1.3 |
| ECLERX SERVICES | 1291.00 | 1278.20 | 1.0 |
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%