HCL Infosystems bounces back

about 6 months ago
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HCL Infosystems is the top gainer on the BSE since the opening bell. The stock price rose almost 8% to Rs.39.25. The stock had hit a new low yesterday at Rs.33.65.

Yesterday, there was news that the dedicated bankruptcy court had admitted an insolvency plea filed by HCL Services Ltd, a subsidiary of HCL Infosystems Ltd, against Universal Commodity Exchange (UCX). Shiv Nadar-promoted HCL had approached the Mumbai bench of the National Company Law Tribunal (NCLT) to recover around ?17 lakh from the now defunct exchange.

The exchanges had sought a clarification and the company replied late in the evening confirming the news.

It stated, “We would like to clarify that HCL Services Limited, a wholly owned subsidiary of the Company (i.e., HCL Infosystems Limited) had filed an Insolvency petition as an Operational Creditor under the Insolvency & Bankruptcy Code (IBC) against Universal Commodity Exchange (UCX), for recovery of Rs. 17 lakhs. NCLT Mumbai has vide order dated June 08, 2018 has admitted the petition against UCX and appointed an IRP.
We would like to clarify that the above case has neither any material impact on the Company nor does it falls under the 'material information' category under the SEBI (LODR), 2015.”

The market is relieved with this clarification and thus the bargain hunting at the lower levels came in today morning.

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