New Delhi, Jan 23: IT major HCL Technologies on Friday said it has moved a bulk of its cash out of the mutual funds to the safety of public sector bank deposits.
Disclosing the whereabouts of its cash and cash equivalent
of about 146 million dollars as well as treasury investments
worth about 270.1 million dollars, HCL Tech today said a large
chunk of these were parked with the PSU banks in India.
"Bulk of the money has been moved from the mutual funds to
fixed deposits largely with the public sector banks," HCL
Technologies Executive Vice-President, Finance, Anil Chanana
told reporters here.
In treasury investment, the company has about 259.3
million dollars as fixed deposits with the Indian banks,
majority of which is with the State Bank of India.
The company has 54 million dollars with the SBI, 51.3
million dollars in HDFC bank and 20.5 million dollar in Canara
Bank. It also has 4.3 million dollars with DSP Merrill Lynch
Fund.
In terms of cash and cash equivalent, the company has 30.4
million dollars in the Royal Bank of Scotland (UK) and 18.7
million dollars in Standard Chartered Bank (UK).
Earlier, Infosys Technologies had provided details of
where it had parked its excess cash followed by another IT
major Infosys.
Bureau Report
