HCL Technologies Witnesses 1% Decline as UK Arm Plans to Unload 49% Stake in State Street JV

By Aditya Bhagchandani Published on December 5, 2023, 14:15 IST

On December 5, HCL Technologies observed a marginal 1% slip in shares, settling at Rs 1,320 per share, following the revelation that its UK arm is poised to divest the complete 49% stake in the US-based State Street joint venture (JV).

Over the last three months, the stock of this IT giant has surged by 8.5%, outpacing the 5% rise in the benchmark Sensex.

HCL Tech Investments UK, the step-down wholly-owned subsidiary of HCL Tech, formalized its intent by signing a memorandum of understanding (MoU) with joint venture partner State Street International Holdings. The agreement outlines the sale of the entire 49% stake in the JV to State Street for a sum of $170 million plus the net book value.

As of 2:08 pm, the shares were trading 1.82% lower at ₹1,313.65.

Ahmedabad Plane Crash

Aditya Bhagchandani

Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.