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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.

ITC Stocks rallied over 6 percent on the previous day of trade

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ITC, ITC Share Prices, Stock NewsThe ITC Ltd stock has projected a bearish outlook in today’s session registering weak trading of over 1 percent at Rs 300.45/ share on BSE, in the mid noon hours.

ITC share rallied over 6 percent on the previous day of trade, its single biggest gain in 14 months. The stock has also traded on a new 52-week high of Rs 304.90 share apiece, on BSE and Rs, 304.80 share apiece on NSE on the previous day trade.

The stock today attracted a traded volume of Rs 10,153,037 shares and a traded value of Rs. 30,486.52 lakhs on National Stock Exchange. Meanwhile, FMCG index was trading in bearish sentiments plunging over 153 pts or 0.61 percent at 25,076 levels.

ITC shares is presently trading at Rs 300.2, down by Rs 3.45 or 1.14 percent from its last closing of Rs 303.65 on the BSE. The scrip opened at Rs. 302 and has touched a high of Rs 303.75 and a low Rs 298.3. The current market capitalization of the company is Rs 3,68,855.29 crore. The holding of promoters in the company stood at zero percent, Institutions held 55.76 percent and Non-Institutions held and 44.04 percent.