Why ITC Shares Are Climbing Over 1% Today Amid Market Gloom

  • Benzinga India
  • Stock Market News
Why ITC Shares Are Climbing Over 1% Today Amid Market Gloom
Credit: © Reuters.

Benzinga - ITC’s shares were gaining on Friday after the cigarettes-to-hotels conglomerate said it would acquire a Pune-based IT firm.

What Happened: ITC Infotech India, a subsidiary of ITC, has signed an agreement to acquire Blazeclan Technologies Private for ₹485 crore, as per an exchange filing.

The acquisition is expected to be finalized in six to eight weeks, pending customary closing conditions. This move aims to enhance ITC Infotech’s capabilities in multicloud and hybrid cloud environments, focusing on its partner ecosystem to drive future growth.

Blazeclan, an AWS Premier Partner and Snowflake Elite Partner, is known for cloud transformation solutions globally. The company is involved in cloud migration, digital consulting and data analytics.

ITC said this acquisition aligns with its unit’s goal to support clients in their digital transformation journey, leveraging robust cloud capabilities.

Price Action: ITC’s share price was up 1.21% at ₹423.90 in morning trade on Friday. The broader market was down nearly 0.5% following an escalation in tensions between Israel and Iran.

Read Next: How ICICI Securities (NS: ICCI ) Share Price Is Doing After Q4 Results, Dividend

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