As many as 1.24 crore equity shares of HCL Technologies were sold in block deals for a total of Rs 1,788.3 crore on Friday, 28 June. The details of the sellers or buyers were not immediately known.
The block deal saw 0.45 percent equity stake in HCL Technologies changing hands at Rs 1,440.5 per share, reported CNBC TV18. This is at a discount of about 1 percent from the previous close. HCL Tech shares rose 0.8 percent on Thursday, 27 June to end at Rs 1,455.
HCL Tech stock has dragged so far this year, and is down nearly 2 percent year-to-date, as IT firms struggle with a weak client spending in the US. Benchmark Nifty 50 has gained more than 10 percent during the same period.
However, the stock has outperformed Nifty 50 in the last one month. This week, Macquarie upgraded its rating on HCL Tech stock to 'outperform', while raising the target price to Rs 1,800, implying an upside of about 24 percent from the last closing price.
Macquarie has classified HCL Tech stock as a 'marquee buy', citing improved margin expectations for FY26 and FY27 as the key reason.
HCL Tech's profit margins have been under pressure for the last few years due to rapid hirings and workforce expansion to support business growth, which has temporarily raised costs.
However, Macquarie said that the firm has recently changed the hiring strategy by an increased onboarding of freshers at lower pay scales, keeping workforce costs low. The brokerage noted that while HCL Technologies' margins in FY25 are still expected to remain muted, the increased utilisation of the company's new workforce will help margin expansion in FY26 and FY27.
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