Derivatives Dream Boosts HCL Tech By 2 Per Cent

Mumbai, November 29: | Updated: Nov 30 2002, 05:30am hrs
HCL Technologies surged on Friday on sustained buying support, following reports that it is among the probables for inclusion in the derivatives segment.

On The Stock Exchange, Mumbai (BSE), the stock rose two per cent to close at Rs 191.25 as against its previous close at Rs 187.30.

A total number of 11,55,710 shares of HCL Technologies changed hands on the counter.

Dealers said that the rise in HCL Technologies is purely operator-driven following news that the Securities and Exchange Board of India has been given the green signal by the finance ministry to expand the list of stocks available for derivatives trading from 33 to 100.

Dealers said that in ten sessions between November 13 and November 28, 2002, the stock has seen surged by nearly 20 per cent to Rs 187.30 from Rs 156.85.

Software analysts said that though the company posted a 33 per cent decline in its net profit in its first quarter results, the company has been successful in adding 20 new clients during its second quarter.

Analysts remain positive in their long-term outlook on the stock, as the company has entered into strategic alliances with several overseas companies and is concentrating on increasing revenues from Europe, to decrease dependence on North America.