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HCL Tech proposes share buyback offer at Rs 1000 per share

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HCL Stocks, Stock in the newsIndian multinational IT service company, HCL Technologies Limited, proposes share buyback offer at Rs 1,000 share apiece, at 17 percent premium for Rs. 3,500 Cr, on a proportionate basis via a tender offer process, HCL Technologies said in a regulatory filing.

The buyback size is Rs. 3500 Cr, representing 16.39 percent and 13.62 percent of the aggregate of the fully paid up equity share capital and free reserves as per the standalone and consolidated audited accounts for the fiscal ended 31 March 2016, said HCL. Buyback offer price is 17 percent higher than the present trading price of the stock at Rs. 852.35/ share.

The IT companies across India have been under stress to return excess cash on their books to shareholders via generous dividends and buybacks. India’s largest software company TCS (Tata Consultancy Services Ltd) also announced its Rs. 16,000 Cr, mega buyback offer, earlier this month, which is currently in progress. Infosys Limited has also announced its capital allocation policy to return up to Rs. 13,000 Cr, this fiscal through dividend plus buyback.

A few Stocks in Focus on Tuesday, 9 May 2017

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Stock Prices, Market Update, Stock News, Share trading advice, Day trading, Stock UpdateABB India Ltd’s March quarter results recorded a robust jump of 28% in order inflows at Rs. 2,342 crore. The company’s net profit advanced 3.2 percent to Rs 88.17 crore on 8.4 percent increase in net sales to Rs. 2,146.04 crore in first quarter March 2017 year-on-year. The orders received in first quarter March 2017 was Rs, 2,342 Cr.

The book publisher S Chand & Co, will list on the secondary equity market today, 9 May 2017. The company got listed on BSE at a premium of 5 percent at Rs 707 per share as against its IPO price of Rs 670 per share. The offer closed on 28 April 2017, which was subscribed 59.49 times, with total bids for 45.72 cr, shares.

The power and automation major, ABB India Ltd’s shares gained to the of that 10.58% to Rs 1,550 per share after the company’s Q1 order inflow rose 28 percent to Rs 2,342 crore. The stock hit its highest since 20 December 2007, a 9-year high, and is the biggest gainer among BSE-500 index and NSE Nifty-200 index stocks. The company on Monday reported a 3.2 percent rise in net profit for the first quarter ended 31 March, in the wake of higher order inflows.

Bharti Infratel’s net profit fell 16.95% to Rs 596.60 crore, n a consolidated basis. The result was unveiled after market hours yesterday, 9 May 2017. Meantime, Smart Link Network Systems said that the company has made an additional investment of Rs 1.00 crore in its subsidiary Tele-smart SCS. The announcement was made after market hours yesterday, 8 May 2017.