Home >Markets >Stock Markets >HCL Infosystems shares surge 20% on subsidiary stake sale

The shares of HCL Infosystems surged 20% in the afternoon trade on Monday, after the company concluded the sale of HCL Insys, its wholly-owned subsidiary. At 1413, HCL stock traded at 8.79, 20% up from its previous close.

On Friday, after market hours, the company in the an exchange filling announced that it has concluded the sale of entire shareholding of its wholly-owned subsidiary HCL Insys, Singapore on 15 November 2019 to PCCW Solutions, Hong Kong for a consideration of SGD 57,628,787.

“The investment of HCL Insys, in its subsidiary, namely Nurture Technologies FZE (formerly known as HCL Infosystems MEA FZE) was excluded from the transaction along with the trading business carried out by HCL Insys which was carved out before transfer of the entity," the company said in the filing.

The IT giant had posted a wider consolidated loss of 39.92 crore for the September 2019 quarter. The company had posted a consolidated loss of 33 crore in the July-September 2018 quarter.

Overall, BSE Information Technology index had a negative breath and was 0.3% down. Wipro and TCS were 1.2%, 1% down respectively. Infosys traded flat.

Sensex fell 0.04% to 40,322.612 after climbing as much as 0.5%, while the NSE Nifty 50 Index was also little changed.

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