Comments
Shares of software services exporter HCL Technologies Ltd fell as much as 7.7 per cent to Rs 934.45, their biggest single-day percentage loss since May 3.
The company said in a statement on Friday that it will acquire select IBM software products for $1.8 billion (over Rs 12,700 crore) in an all-cash deal. The transaction, subject to “completion of applicable regulatory reviews”, is slated to close by mid-2019.
More than 5.9 million shares changed hands at 0515 GMT, compared with 30-day average of around 2 million. The stock marked lowest since July 6. Out of the 43 analysts covering HCL Technologies, 32 have a “buy” or higher rating, 8 “hold” and the remaining 3 “sell”; their median price target is at Rs 1,177.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.