Nifty remains weak, Sensex hovers around 28000

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A hike in wages is going to impact HCL Tech's FY17 third quarter EBITDA margins by 70 basis points and the fourth quarter by 10 basis points, says C Vijayakumar, President and Chief Executive Officer, HCL Tech. The second quarter margins declined 80 bps due to wage hike. Vijayajumar is concerned about the clients' IT spending. He says the spending has remained static or has only marginally improved. The IT giant will be the industry leader in organic growth once it acquires the Butler America Aerospace. The acquisition will be completed by December 31, 2016.