HCL Technologies shares down nearly 1% after ₹1,786 crore block deal

According to data available on exchanges, as many as 1.24 crore equity shares of HCLTech worth ₹1,786 crore exchanged hands via open market transactions. Buyers and sellers in the deal were not immediately known.

The transaction was executed at a price of ₹1,440.50 per share. This was 1% lower than the stock’s previous close of ₹1,454.90 on Thursday on the National Stock Exchange of India (NSE).

Consequently, on Friday, the HCL Tech stock fell as much as 0.9% to hit an intraday low of ₹1,442 on NSE. The stock recovered ground to trade at ₹1,460 apiece at 3:15 pm on NSE. Meanwhile, the stock is down 2.6% year-to-date in 2024, but is up 23.5% in the past one year.

HCL Tech had seen a tough March 2024 quarter, which has taken a toll on its share price in the past couple of months.

The company had posted an 8.4% drop in its consolidated net profit to ₹3,986 crore in Q4 FY24, which was lower than most analyst estimates.

In the previous quarter ended December 2023, HCL Tech had recorded a net profit of ₹4,350 crore, which was also flat compared with the year-ago period.

Revenue in the March quarter rose more than 7% to ₹28,499 crore compared with the same quarter a year ago. Operating profit, or Ebitda (earnings before interest, tax, depreciation and amortisation) fell nearly 10% on a year-on-year basis to ₹6,117 crore during the quarter.

The company had also declared an interim dividend of ₹18 per share for 2024-25.

For the ongoing fiscal year FY25, HCL Tech said that it expected revenue growth (on a constant currency basis) of about 3-5%.