HCL Tech gains on buzz Shiv Nadar to sell entire stake

HCL Technologies rose 1.06% to Rs 1,489 at 13:21 IST on BSE on reports that the company's promoter Shiv Nadar is sounding out potential buyers for selling his entire 62% stake in the company.

Meanwhile, the BSE Sensex was up 155.59 points, or 0.76%, to 20,692.23.

On BSE, so far 37,000 shares were traded in the counter, compared with an average volume of 62,076 shares in the past one quarter.

Trading in the counter was volatile. The stock rose 2.37% at the day's high of Rs 1,508.30. The stock rose 0.10% at the day's low of Rs 1,474.85. The stock hit a record high of Rs 1,520.60 on 17 February 2014. The stock hit a 52-week low of Rs 673.60 on 29 April 2013.

The stock had outperformed the market over the past one month till 20 February 2014, rising 2.89% compared with the Sensex's 3.15% fall. The scrip had outperformed the market in past one quarter, rising 35.65% as against Sensex's 0.48% decline.

The large-cap company has an equity capital of Rs 139.85 crore. Face value per share is Rs 2.

Mr. Nadar, who founded HCL in 1991, has received bids for the company in the past but has long said that he had no plans to sell. But now the 69-year-old is open to selling his stake because his only child, daughter Roshni Nadar, is not interested in continuing in the business, the news report said. Ms. Nadar, 32 years old, is a director on HCL Technologies board and chief executive of its holding company, HCL Corp.

As on 31 December 2013, promoters held 61.75% stake in HCL Technologies.

On a consolidated basis, HCL Technologies' net income as per US-GAAP rose 5.7% to Rs 1496 crore on 2.8% increase in revenues to Rs 8184 crore in Q2 December 2013 over Q1 September 2013.

HCL Technologies is a leading global IT services company. It offers an integrated portfolio of services including software-led IT solutions, remote infrastructure management, engineering and R&D services and Business services.

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