HCL Technologies shares fall despite its Q2 net profit gain

By: | Updated: January 19, 2016 4:21 PM

Shares of HCL Technologies fell nearly 5 per cent on Tuesday after the company reported 0.2 per cent year-on-year (yoy) and 11.2 per cent quarter-on-quarter (qoq) rise in its consolidated net profit figures at Rs 1,920 crore for the second quarter ended December 31, 2015.

hcl techShares of HCL Technologies fell nearly 5 per cent on Tuesday after the company reported 0.2 per cent year-on-year (yoy) and 11.2 per cent quarter-on-quarter (qoq) rise in its consolidated net profit figures at Rs 1,920 crore for the second quarter ended December 31, 2015.

Shares of HCL Technologies fell nearly 5 per cent on Tuesday after the company reported 0.2 per cent year-on-year (yoy) and 11.2 per cent quarter-on-quarter (qoq) rise in its consolidated net profit figures at Rs 1,920 crore for the second quarter ended December 31, 2015.

At 1:28 pm, HCL Technologies share price was trading 0.64 per cent down at Rs 838.80 on BSE and 0.46 per cent down at Rs 838.50 on NSE. The scrip opened at Rs 867.00. Later, the scrip settled 0.58 per cent down at Rs 838.50.

So far, around 2.79 lakh shares of HCL Technologies exchanged hands on the BSE as compared with two-week average daily volume of 0.99 lakh shares.

HCL Technologies, which follows July-June fiscal year, had posted a net profit of Rs 1,915 crore in the year-ago period, it said in a BSE filing. Consolidated revenues grew 11.4 per cent at Rs 10,341 crore in the October-December quarter as against Rs 9,283 crore in the same quarter of the 2014-15 fiscal.

According to Reliance Securities, HCL Tech posted in-line revenue growth and margin performance.

Angel Broking in a research note said, “HCL Technologies posted better-than-expected Q2 results. We maintain our ‘Buy’ rating on the stock with a price target of Rs 1,132.

HCL Technologies expects the second half of 2015-16, to be better than the first half on back of strong order book.

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