HCL Tech shares down on BSE
Summary
Shares of HCL Technologies were down over 1% in Fridays trading session, a day after it announced $330 miilion acquisition of Actian Corporation in joint venture with Sumeru Equity Partners. "The strategic rationale of this acquisition is not clear given the acquisition is of a pure product company in a space dominated by well-established global product companies such as Oracle, SAP, IBM, among others. Clearly, more details are required to fully appreciate the rationale of the acquisition," Kotak Institutional Equities said in a research note. Shares of HCL were trading down ₹12.85 a share at ₹998.60 on BSE.
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Actian
$50M to $100M