HCL Tech’s share buyback to be EPS neutral: Macquarie

Mumbai: Foreign brokerage Macquarie said the share buyback announced by HCL Technologies to be largely earnings per share neutral for the company.

The board of the information technology services company on Monday approved a buyback of up to 3.5 crore shares at Rs 1,000 per share. The buyback is subject to approval from shareholders as it exceeds 10% of total shareholders' equity.

Macquarie said HCL Technologies remains its top pick in the large cap Indian IT services pace given its strong dollar revenue growth momentum, followed by Infosys, Tata Consultancy Services, Tech Mahindra and Wipro.

Shares of HCL Technologies were down 0.2% at Rs 861.70 on the BSE. Macquarie has a target price of Rs 945 on HCL Technologies' shares.
In the last one year, shares of the company have gained 4.76%.