NEW DELHI: HCL Technologies ruled higher by over 2 per cent on Tuesday after the company shareholders approved a Rs 4,000 crore share buyback proposal.
The board has fixed August 31 as the record date for the buyback offer.Following the development, the stock rose 2.28 per cent to Rs 1,013.45 on the BSE.In July, HCL Technologies had announced the buyback programme for FY19 at Rs 1,100 per share.
The buyback is part of the company's strategy to return more than 50 per cent of the company's net income to the shareholders.In a BSE filing, HCL Technologies said 99.59 per cent shareholders had voted in favour of the proposal.In a separate filing, the company said it has launched HCL Turbo -- an artificial intelligence (Al) based end-to-end testing automation platform, which is aimed at communication service providers.