Fidelity Sells HCLTech Shares Worth Rs 1,788 Crore; Mutual Funds, Morgan Stanley Among Buyers
US brokerage major Fidelity Investments sold HCL Technologies Ltd. shares for Rs 1,788 crore via open market deals on Friday. The firm, through its various affiliates, offloaded 1.24 crore shares representing 0.45% equity at Rs 1,440.5 apiece.
The buyers include ICICI Prudential Mutual Fund, which bought 69.52 lakh shares (0.25% equity); Morgan Stanley Asia Singapore Pte acquired 10.31 lakh shares (0.03%); and Citigroup Global Markets Mauritius bought 8.86 lakh shares (0.03%). Societe Generale, Kotak Mahindra Mutual Fund, Blackstone and Goldman Sachs are among the other buyers.
Earlier this month, Morgan Stanley said the expansion of the IT major's deal with its existing partner will aid the company in achieving its revenue guidance for fiscal 2025.
The software service provider has expanded its contract with Germany's largest cooperative bank, Deutsche Apotheker-und Ärztebank eG, or apoBank. The contract value is Rs 27.8 crore over 7.5 years, which infers an annual contract value of Rs 3.7 crore, according to Morgan Stanley.
HCLTech will be able to significantly expand the relationship in infrastructure cloud services and services around Avaloq implementation with the new contract, the brokerage said.
Shares of HCLTech closed 0.23% higher at Rs 1,459.6 apiece, as compared with a 0.27% decline in the benchmark BSE Sensex.
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