HCLTech trades lower as 1.24 crore shares worth ₹1,786 crore change hands
HCLTech trades lower as 1.24 crore shares worth ₹1,786 crore change hands
Shares of IT services company HCL Technologies dropped more than half a per cent as 1.24 crore shares of the company changed hands in a large deal worth ₹1,786 crore.
Around 1.24 crore equity shares, constituting around 0.46% of the shareholding of HCL Technologies, traded in block deal window.
The shares changed hands at a price of ₹1,440.50 per share against the last close of ₹1,456.25, taking the total deal value to ₹1,786 crore, sources told CNBCTV18.
Buyers and sellers of shares were not known immediately as bourses will update the information after market hours.
HCL Technologies shares opened marginally up but later slipped over half a per cent to a low of ₹1,445.45 per share on BSE.
HCLTech has rebounded around 6% in the past month following a recovery in the IT shares. The stock has given negative returns of over 2% in 2024 so far.
Brokerage Macquarie has upgraded the rating on the IT company, terming it as "outperform" and marking it as a marquee buy. Macquarie also upgraded the target price on HCLTech by 6% as the brokerage expects improved margins for FY26 and FY27. HCL Tech has seen pressure on margins in the period from FY20 to FY24 due to an increase in its workforce.
Macquarie noted that there has been a major shift in HCLTech’s hiring strategy as it has stepped up onboarding of freshers which would be a pivotal move for the company.
The higher utilisation of low-cost employees will help expand margins in FY26 and FY27, the brokerage has stated.
HCL Technologies shares are trading 0.47% down at ₹1449.45 on BSE at 9.45 am.