HCL Technologies stock hits new 52-week high ahead of board meeting on buyback today

Software major HCL Technologies rose to its 52-week high on bourses today ahead of a meeting of board of  directors to decide on share buyback later in the day.

The stock, which is listed on both NSE and BSE, rose to yearly high of 879 level intraday.

It opened at Rs 870 level and hit intra day low of Rs 864 on the BSE.

At 1253 hours, the stock was trading 0.16 percent or 1.40 points higher on the BSE.

The stock closed 0.23 percent or 2 points lower at Rs 863.30 on the BSE.

The Noida-based firm had Rs 2214.5 crore in cash and cash equivalents on its books in December 2016

Sector leader TCS and US-based Cognizant in February announced share buybacks to return surplus cash to shareholders.

The Tata Group firm announced share buyback worth Rs 16,000 crore at a fixed price of Rs 2,850 each, a 18.3 per cent premium of the firm's share price.

This was the first buyback for the firm and among the largest in the Indian capital market.

IT services provider Cognizant also announced buyback worth 3.4 billion for shareholders, bowing to pressure from activist investor Elliott Management Corp.

On Friday too, the stock hit a 52 week high of Rs 871 on thE NSE after it announced the buyback in a filing to the BSE.