HCL Tech corrects on profit booking

HCL Technologies fell 1.42% to Rs 991 at 9:41 IST on BSE on profit booking after the company said its board approved buyback of shares.

Meanwhile, the S&P BSE Sensex was down 157.12 points, or 0.43% to 36,705.53.

On the BSE, 1.23 lakh shares were traded in the counter so far compared with average daily volumes of 2.18 lakh shares in the past two weeks. The stock had hit a high of Rs 1004 and a low of Rs 982.15 so far during the day. The stock hit a record high of Rs 1,106.60 on 23 April 2018. The stock hit a 52-week low of Rs 825.10 on 4 December 2017.

 

HCL Technologies said its board approved buyback of up to 3.64 crore shares, or 2.61% stake, worth Rs 4000 crore at Rs 1,100 each. The announcement was made after market hours yesterday, 12 July 2018.

Ahead of the announcement, the stock rallied 8.63% in six trading sessions to Rs 1,005.30 on 12 July 2018, from its close of Rs 925.40 on 4 July 2018.

On a consolidated basis, HCL Technologies' net profit rose 7.47% to Rs 2230 crore on 2.88% increase in net sales to Rs 13178 crore in Q4 March 2018 over Q3 December 2017.

HCL Technologies (HCL) is a global technology company.

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