Here’s Why HCL Tech is Rising on Friday; Up Over 9% in 4 Sessions
By Malvika Gurung
Investing.com — Shares of the IT giant HCL Technologies (NS:) surged almost 5% to trade at Rs 1,283.8 apiece in early trade on Friday, backed by heavy volumes after several large deals on the exchanges.
However, due to the broader market wearing off its earlier vigour, shares of the IT stock has slid and was seen trading 2.25% higher to Rs 1,254.95 apiece at 10:52 am on Friday.
The stock’s rally came after the promoters of the IT giant announced to buy 45 lakh shares of the company through a block deal, which is 0.2% equity, stated a CNBC Awaaz report on Dec 23.
The stake buy was to happen at a premium of up to 4% to the closing price of the stock on Thursday, which ended at Rs 1,227.3 apiece.
The IT stock has been gaining continuously since the past four sessions and has climbed more than 9% in this period. Over the past month, HCL Tech has surged about 12% compared to , which has slid 2%.