HCL Tech Sells 1.24 Crore Shares, Raises ₹1,788 Crore in Block Deals

On Friday, June 28, a total of 1.24 crore equity shares of HCL Technologies were traded in block deals, amounting to ₹1,788.3 crore. The identities of the sellers and buyers were not disclosed at the time.

According to CNBC TV18, the block deal involved a 0.45% equity stake in HCL Technologies being traded at ₹1,440.5 per share. This price represents a discount of approximately 1% from the previous closing price. On Thursday, June 27, HCL Tech shares had increased by 0.8%, finishing at ₹1,455.

HCL Tech's stock has underperformed this year, declining by nearly 2% year-to-date due to IT companies facing reduced client spending in the US. In contrast, the benchmark Nifty 50 has risen by over 10% during the same timeframe.

Despite its year-to-date underperformance, HCL Tech stock has outperformed the Nifty 50 over the past month. This week, Macquarie upgraded its rating on HCL Tech stock to 'outperform' and raised the target price to ₹1,800, suggesting an upside of approximately 24% from the last closing price.

Macquarie has labeled HCL Tech stock as a 'marquee buy', pointing to improved margin expectations for FY26 and FY27 as the primary reason for this upgrade. 

HCL Tech's profit margins have been under pressure in recent years due to rapid hiring and workforce expansion aimed at supporting business growth, which has temporarily increased costs.

Macquarie highlighted that HCL Technologies has recently adjusted its hiring strategy by onboarding more freshers at lower pay scales, thereby reducing workforce costs. The brokerage noted that although HCL Technologies' margins are expected to remain muted in FY25, the increased utilization of the new workforce will aid in margin expansion in FY26 and FY27.

The company has expanded its strategic partnership with Olympus Corporation, a global MedTech firm, to advance and make healthcare more affordable for patients through innovative engineering technologies.