HCL Tech soars 8.5% on $1 billion project pipeline
Shares of HCL Technologies rose over 11 per cent after the firm said that it has signed over $1 billion in contracts in Oct-Dec. This is the highest ever in a single quarter, helped by its purchase of British software firm Axon.
By ET Online |
MUMBAI: Shares of HCL Technologies rose over 11 per cent after the firm said that it has signed over $1 billion in contracts in Oct-Dec. This is the highest ever in a single quarter, helped by its purchase of British software firm Axon.
HCL, on Monday, completed the largest overseas buy by an Indian IT firm spending 441 million pounds for Axon, topping a bid by larger rival Infosys Technologies.
HCL sees the aquisition of Axon, which helps businesses implement software products from German's SAP AG, as a booster in a segment with strong potential. With the deal, this segment will contribute a quarter of HCL's revenue, compared with 11 per cent earlier, the company said in a statement.
HCL has said the deal would crimp its margins in the short term, but has not indicated by how much or by when the deal would add to margins.
At 11 am, HCL Tech shares were up 8.45 percent at Rs 113 on the BSE.
HCL, on Monday, completed the largest overseas buy by an Indian IT firm spending 441 million pounds for Axon, topping a bid by larger rival Infosys Technologies.
HCL sees the aquisition of Axon, which helps businesses implement software products from German's SAP AG, as a booster in a segment with strong potential. With the deal, this segment will contribute a quarter of HCL's revenue, compared with 11 per cent earlier, the company said in a statement.
HCL has said the deal would crimp its margins in the short term, but has not indicated by how much or by when the deal would add to margins.
At 11 am, HCL Tech shares were up 8.45 percent at Rs 113 on the BSE.
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