Hexaware surges 6% on acquisition buzz

Hexaware surges 6% on acquisition buzz

Mumbai: Shares of Hexaware Technologies Ltd climbed 6.04% on Monday on news reports that Tokyo-headquartered NEC Corporation is vying to acquire a controlling stake in the Indian firm.

Its shares closed at Rs121.95 on BSE. The company has been in news for the last couple of weeks over the acquisition reports.

“Currency fluctuations have spooked Japanese investors, who are putting their invetsment talks on hold for the time being," said a mid-market investment banker, who has seen two of his mandates including Japanese companies being put on ‘wait and watch’ mode.

“Currency fluctuation is an issue in the deal. Talks are still on. Investors can’t take currency loses," he said, requesting anonymity as he is not directly involved with the deal.

Hexaware Technologies’s promoters hold 27.97% stake, according to data reported to the bourse in March. Other big investors include Dali Ltd (9.69%) and GA Global Investments Ltd (7.16%).

Last week, the stock lost 8.3%, and the week before that it gained 5.33%.

For the last 10 trading sessions, average volumes traded on this particular stock touched 1.4 lakh shares. Last week, average volumes traded stood at 1.06 lakh shares and in the week before, they amounted to 1.73 lakh shares.

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