HCL Tech Jumps 3% To Consider Share Buyback On March 20

Shares of tech giant HCL Technologies jumped 3% on March 16 as the company on Wednesday announced that it will be considering buyback of its shares. The board of directors of the company are going to meet on March 20 to consider a proposal for buyback of the equity shares.

As on December 31, the tech firm had fixed deposits of Rs 10,506.9 crore and cash equivalents of Rs 2214.5 crore. The stock has delivered 4% returns in a period of one year, underperforming the BSE Sensex and outperforming the BSE IT index over the same time span.

HCL Technologies Ltd is currently trading at Rs 853, up by Rs 13.1 or 1.56% from its previous closing of Rs 839.9 on the BSE. The scrip opened at Rs 857 and has touched a high and low of Rs 864 and Rs 850.05 respectively. So far 1246701(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 118528.37 crore.

The BSE group 'A' stock of face value Rs 2 has touched a 52 week high of Rs 869 on 03-Aug-2016 and a 52 week low of Rs 706.5 on 11-May-2016. Last one week high and low of the scrip stood at Rs 862 and Rs 837.15 respectively. The promoters holding in the company stood at 60.34 % while Institutions and Non-Institutions held 32.27 % and 7.38 % respectively. The stock is currently trading above its 50 DMA.

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