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Hexaware Tech announces GCC deals worth ₹1,029 crore; time to buy stock?
At 9:43 AM, Hexaware Technologies shares were trading at ₹870.50, up by 1.53 per cent on the National Stock Exchange. In comparison, NSE Nifty was trading largely flat, albeit with a negative bias, quoting 25,189.30.
Hexaware tech deals
Hexaware Technologies announced the acquisition of two firms, Tech SMC Square and Tech SMC Squared, for a cumulative consideration of ₹1,029 crore. As per the exchange filing, the move is aimed at expanding Hexaware's presence in the global capability center (GCC) space, which is seeing rapid growth in India. The country remains a key market for the space as the GCC segment is expected to cross $100 billion by 2030.
With these acquisitions, Hexaware adds established GCC expertise, a wider client reach, and an enhanced value proposition.
"By integrating SMC's GCC setup capabilities with Hexaware's strengths in AI, analytics, cloud transformation, modernization, and enterprise platforms, we can deliver end-to-end solutions for clients looking to optimize and scale their GCC operations," the company said in its exchange filing. "This collaboration combines SMC's deep GCC expertise with Hexaware's technology-led delivery model to offer world-class GCC operations and attract top-tier tech talent."
Should you buy?
Since its listing earlier this year, Hexaware shares have witnessed a double-digit surge of more than 14 per cent. However, analysts are not expecting the same momentum to continue. Chokkalingam G, founder of Equinomics Research, believes that current valuations are quite elevated. While mid-sized IT firms are expected to perform better than the larger industry players, Hexaware might not have a competitive edge, as it is trading at considerably higher valuations compared to its mid-sized peers in the market.
"Valuations appear stretched, making it an ideal time to sell, especially given the muted outlook for the IT sector. Plus, many quality mid-sized IT stocks are trading at a PE of around 25, whereas Hexaware's current year 2024 (CY24) PE stood at 44.8," said Chokkalingam G said.
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