Geometric shares surged nearly 19 per cent to hit their 52-week high today as investors reacted positively to two separate acquisition deals.

HCL Tech will acquire Geometric’s IT services business for Rs 1,283 crore in an all-share deal, the company said on Friday. Geometric also agreed to offload its 3DPLM ownership to Dassault Systemes for Rs 441 crore.

The two deals value Geometric at over Rs 1,700 crore, which is over 30 per cent premium to the company’s market capitalization of Rs 1,271 crore at Friday’s closing price.

The sharp rise in Geometric shares shows investors are happy with the deals, traders said. HCL Tech shareholders also have reasons to be happy, analysts say.

According to brokerage Maybank, Geometric’s acquisition is “mildly positive” for HCL Technologies as the acquisition enhances India’s fourth biggest outsourcer’s engineering services (18 per cent of HCLT revenue) offerings and increase revenue growth rates.

Maybank maintained its “buy” call on HCL Tech with a target price of Rs 980.

As of 10.20 a.m., Geometric shares traded 17 per cent higher at Rs 229.35, outperforming the broader Nifty, which was up 0.4 per cent. HCL Tech shares traded 1.2 per cent higher at Rs 830.15.