Happiest Minds Technologies to acquire Macmillan Learning India, shares fall

Shares of Happiest Minds Technologies were trading lower on Friday after the software services firm said it has executed share purchase agreement to buy 100% equity in Macmillan Learning India. “On closing the said transaction, Macmillan Learning India will become a wholly owned subsidiary of the company. The cost of acquisition is Rs 4.5 crore,” said Happiest Minds Technologies.

The acquisition is expected to be completed by April 30, 2024.

However, Happiest Minds Technologies shares fell over 1% to Rs 795.15 against the previous close of Rs 809.65 on BSE. Market cap of the firm  fell to Rs 12,203 crore. Total 0.15 lakh shares of the firm changed hands amounting to a turnover of Rs 1.22 crore in the current session. 

The stock hit a 52-week low of Rs 738.05 on March 28 2024 and rose to a 52 week high of Rs 1022.30 on June 22, 2023.

Happiest Minds shares have a beta of 0.7, indicating low volatility in a year. In terms of technicals, the relative strength index (RSI) of the stock stands at 49.6, signaling it's trading in the neither in the overbought nor in the oversold zone. Happiest Minds shares are trading lower than the 5 day, 50 day, 100 day, 200 day but lower than the 20 day moving averages.

Happiest Minds Technologies Limited is a digital transformation information technology (IT) consulting and services company. Its segments include Infrastructure Management & Security Services (IMSS), Product and Digital Engineering Services (PDES) and Generative AI Business Services (GBS).