Shares of ITC Ltd saw a modest increase during the early trading hours on April 19, following the announcement by its subsidiary, ITC Infotech, regarding its decision to acquire a 100 per cent stake in a Pune-based IT firm, Blazeclan Technologies Private Limited. This strategic acquisition is valued at Rs 485 crore.

At 9:31 am on the same day, the stock of ITC was trading at Rs 421.50, registering a rise of Rs 2.55 or 0.61 per cent, as per the latest data available on the Bombay Stock Exchange (BSE).

ITC Infotech India Limited, a fully owned subsidiary of ITC, disclosed in a stock exchange filing that it has signed a share purchase agreement to acquire all the shares of Blazeclan Technologies.

Completing this acquisition is projected to take between six to eight weeks, pending the fulfilment of standard closing conditions.

The acquisition is poised to significantly enhance ITC Infotech’s ability to offer its clientele cutting-edge services in both multi-cloud and hybrid-cloud environments.

This move is aligned with the company’s ongoing efforts to bolster its partner ecosystem, thereby supporting accelerated growth in the future.

Furthermore, the acquisition underscores ITC Infotech’s commitment to assisting its clients on their digital transformation journeys, focusing on delivering substantial business outcomes founded on robust cloud capabilities.

Blazeclan is recognized as an AWS Premier Partner, and a Snowflake Elite Partner, and is a leader in providing cloud transformation solutions globally.

The company has deep expertise in cloud migration, digital services, consulting, and data analytics & insights.

Regarding the stock's performance, ITC shares had reached a 52-week high of Rs 499.60 and a 52-week low of Rs 396.00, recorded on July 24, 2023, and April 19, 2023, respectively.

Currently, the stock is trading at about 15.63 per cent below its 52-week high and 6.44 per cent above its 52-week low, indicating a steady interest among investors in light of recent developments.