HCL Technologies shares opens at 1,043 on Friday. The stocks fell by 2 percent ahead of Union Budget 2019. The stock closed at 1,019.95.
Earlier in the week, HCL Technologies said it has completed the planned acquisition of select IBM products for security, marketing, commerce and digital solutions.
Last December, HCL Technologies had announced that it will acquire select IBM software products for $1.8 billion (about Rs 12,700 crore) in an all-cash deal.
With this, HCL also introduced HCL Software, a new division that will operate the enterprise software product business and meet customer demands.
Analysts widely said the impact of IBM products on HCL Tech’s revenue would be seen later this fiscal year. HCL Tech in its guidance projected a revenue growth rate of 14-16% in FY20 with a cautious operating margin prediction.
The BSE group ‘A’ stock of face value Rs 2 has touched a 52-week high of Rs 1,190 on 30 April 2019 and a 52-week low of Rs 895.25 on 29 June 2018.
HCL Tech shares have risen nearly 11% in the last one year, in line with a 12% gain in the benchmark Nifty 50 index.
The promoter holding in the company stood at 60%, while Institutions and Non-Institutions held 36.42% and 3.58%, respectively.
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