HCL Technologies acquisition of DWS Limited - Angel Broking

Mr. Jyoti Roy - DVP - Equity Strategist, Angel Broking Ltd

HCL Technologies Ltd. today announced its intent to acquire DWS Limited, an Australian IT, business and management consulting group. The DWS Group, with over 700 employees reported FY20 revenue of AUD 167.9mn provides a wide range of IT services including Digital Transformation, Application development & support, Program & Project Management and Consulting. HCL Tech currently employs over 1600 people in Australia and the acquisition of DWS will strongly enhance HCL's contribution to Digital initiatives in Australia and New Zealand while strengthening HCL's client portfolio across key industries. The transaction is expected to close in December 2020, subject to closing conditions, including regulatory approvals. HCL Tech remains our top pick in the large cap IT space and we have a buy rating on the company with a target price of Rs.946.

Shares of HCL TECHNOLOGIES LTD. was last trading in BSE at Rs.802.3 as compared to the previous close of Rs. 811.1. The total number of shares traded during the day was 712919 in over 17520 trades.

The stock hit an intraday high of Rs. 849.7 and intraday low of 794.05. The net turnover during the day was Rs. 591486030.

Source : Equity Bulls

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