Shares of HCLTech Ltd. rose as much as 2.51% in early trade on July 24 after a large block transaction involving nearly 2.8 million shares was executed on the exchanges.
According to exchange data, 2.76 million HCLTech shares changed hands in a block deal, while a separate bunched trade also involved about 2.8 million shares. The identities of the buyers and sellers, as well as the transaction value, were not immediately known.
The stock climbed to an intraday high of Rs 1,276, before paring some gains to trade around 1.2% higher. Trading volumes were significantly above the stock's 30-day average, reflecting heightened investor activity following the transaction.
Large block deals typically involve institutional investors and can influence near-term sentiment depending on the size of the stake sold, the pricing of the transaction and the profile of the participants. However, such transactions do not necessarily indicate a change in the company's fundamentals.
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