HCL Tech gains as board considers share buyback proposal

The shares of HCL Technology went up by almost 2 per cent as the company informed the exchange regarding a meeting of the company's Board of Directors to be held on Thursday.

HCL Technologies Limited is considering to buyback equity shares of the company in accordance with Companies Act 2013 and Securities Exchange Board of India Regulations, 1998. Also, last month, Tata Consultancy Service, India's largest IT company had declared a share buy-back.

Earlier, on Monday, there were news reports that the commerce ministry had approved the company's proposal to set up a new IT SEZ in Vijayawada, Andhra Pradesh, with an investment of Rs 408.48 crore. The exchange has asked the company to clarify about the same, company's clarification is awaited.

HCL Technologies Limited is a subsidiary of HCL Enterprise. The company is IT major engaged in applications, infrastructure, engineering and R&D, and BPO segment.

On Thursday, HCL Technologies' intraday high was at Rs. 1,019 and intraday low was at Rs. 1,003, its 52-week high was at Rs. 1,108 and 52-week low was at Rs. 824 per share on the BSE.

At.10:12 hours, HCL Technologies was trading at Rs 1,010.75, up by 1.56 per cent. The BSE Sensex was trading at 36,521.76 level, up by 0.70 per cent and Nifty50 was quoting at level 11,025.75, up by 0.71 per cent.