HCLTech Shares In The Red After ₹1,788 Cr Block Deal

Shares of HCLTech were trading down on Friday after shares worth ₹1,788 crore changed hands in a block deal on the bourses.

What Happened: Around 1.24 crore equity shares of the IT major were traded via a block deal. Around 0.45% stake in the company was traded at an average price of ₹1,440.5. The buyers and sellers in the transaction were not disclosed. 

Brokerage firm Macquarie maintained an "outperform" call on HCLTech on Thursday and increased the target price to ₹1,800 from ₹1,700.

The research firm said there are several ways in which HCL can boost margins in the medium term and sees the company having the highest utilisation headroom among its peers. 

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The company's high-margin software products segment has transitioned to subscriptions and the brokerage sees no downside risk to HCLTech's FY25 revenue guidance. 

Recently Jefferies gave the company a "hold" rating with a target price of ₹1,390. The brokerage reasoned the lack of change in IT spending patterns as the major reason despite the company having greater traction in generative AI deals. 

Earlier in June, HCLTech had announced a $278 million (₹2,322 crore) contract with Deutsche Apotheker- und Ärztebank eG (apoBank).

Price Action: Shares of HCLTech were down 0.77% to ₹1,443.70 on Friday morning. 

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