HCL Technologies lost 0.44% to Rs 871.95 at 9:50 IST on BSE, with the stock sliding amid volatility after the company said it has acquired Minneapolis-based PowerObjects - a leading North American provider of Microsoft Dynamics CRM.
The announcement was made after market hours yesterday, 29 October 2015.
Meanwhile, the S&P BSE Sensex was down 17.62 points or 0.07% at 26,820.52.
On BSE, so far 8,828 shares were traded in the counter as against average daily volume of 1.45 lakh shares in the past two weeks.
The stock was volatile. The stock lost as much as 0.63% at the day's low of Rs 870.20 so far during the day. The stock rose as much as 0.12% at the day's high of Rs 876.90 so far during the day. The stock had hit a record high of Rs 1,058.20 on 11 March 2015. The stock had hit a 52-week low of Rs 725.18 on 15 December 2014.
HCL Technologies said that the acquisition of PowerObjects will bolster the company's global applications business, which offers transformational programs and complex application management for a myriad of clients' technology landscapes. The total cash consideration for this transaction is approximately $46 million, including contingent payments subject to certain financial milestones. This acquisition enables HCL to take advantage of the rapidly-growing global CRM industry, as Microsoft Dynamics is one of the fastest growing CRM products in the market, the company said.
PowerObjects is a professional services firm completely focused on providing service, support, education and add-ons for Microsoft Dynamics CRM. PowerObjects had trailing twelve-month revenues of approximately $37 million as of 30 September 2015.
HCL Technologies' consolidated net profit fell 3.2% to Rs 1726 crore on 3.3% rise in revenue to Rs 10097 crore in Q1 September 2015 over Q4 June 2015.
HCL Technologies 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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