India's Happiest Minds extends loss as ITC Infotech merger spurs deal concerns
BUZZ-India's Happiest Minds extends loss as ITC Infotech merger spurs deal concerns ** IT consulting and services company Happiest Minds' shares HAPP.NS fall as much as 3.87% to 348.65 rupees apiece, a near-two-month low
** Stock slid 10.9% on Tuesday, extending losses after ITC ITC.NS announces plans to merge its unit ITC Infotech with HAPP
** HDFC Securities downgrades HAPP to "Add" from "Buy" and cuts the price target to 400 rupees from 400 rupees
** Deal price implies no takeover premium; the 15-month integration timeline brings uncertainty, plus there is no clarity on the retention plans of the existing management, says HDFC Securities
** While HAPP has fallen since the announcement, ITC ITC.NS has gained about 4.8% in two sessions
** HAPP shares are down 23.4%, and ITC is down 33.5% in 2026 so far, according to exchange data
(Reporting by Bharath Rajeswaran in Bengaluru)
((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))
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Brief: ITC Says ITC Infotech India To Buy 22.106% Equity In Happiest Minds For 13.3 Bln Rupees