HCL Technologies hits 52-week high post Q3 results; logs 20% gain in 2013
HCL Tech surged over 5% to hit its 52-week high of Rs 809 in opening trade on Wednesday, after it reported a 73 per cent YoY rise in quarterly profit.
By ET Online | Updated:
NEW DELHI: HCL Technologies surged over 5 per cent to hit its 52-week high of Rs 809 in opening trade on Wednesday, after India's fourth-biggest software services provider reported a 73 per cent YoY rise in quarterly profit.
Net profit rose to Rs 1040 crore for the fiscal third-quarter ended March 31 from Rs 965 crore reported in the year-earlier period, said HCL Technologies.
At 09:20 am, HCL Technologies was trading 5 per cent higher at Rs 800. It has hit a 52-week high of Rs 809 and a low of Rs 793.05.
The stock has logged over 20 per cent gain so far in the year 2013, as of data collected on April 16.
“The company reported decent number for the quarter; however, investor would be more interested towards how much deal win they announce this quarter,” Dipesh Mehta, IT Analyst, SBICAP Securities said in an interview with ET Now.
“The deal win they announced during the quarter is 1 billion. If you refer last year Q3, it was around 1.5 billion. That is something investors will seek clarity from the management,” he added.
Market gave thumbs down to Infosys after the IT major reported lower-than-expected revenue growth for the current fiscal.
India's second largest IT services exporter, Infosys dented market expectation by giving FY14 guidance of 6-10% which is lower than market estimates as well as Nasscom industry estimates.
Post Infosys dismal set of numbers, most brokerages have given a thumbs-up to HCL Technologies and TCS as a better play in the IT sector.
Credit Suisse continues to prefer TCS and HCL Tech in the IT sector. Jefferies also advise investors to place their bets on TCS and HCL Technologies which are their top picks in IT space.
Net profit rose to Rs 1040 crore for the fiscal third-quarter ended March 31 from Rs 965 crore reported in the year-earlier period, said HCL Technologies.
At 09:20 am, HCL Technologies was trading 5 per cent higher at Rs 800. It has hit a 52-week high of Rs 809 and a low of Rs 793.05.
The stock has logged over 20 per cent gain so far in the year 2013, as of data collected on April 16.
“The company reported decent number for the quarter; however, investor would be more interested towards how much deal win they announce this quarter,” Dipesh Mehta, IT Analyst, SBICAP Securities said in an interview with ET Now.
“The deal win they announced during the quarter is 1 billion. If you refer last year Q3, it was around 1.5 billion. That is something investors will seek clarity from the management,” he added.
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Market gave thumbs down to Infosys after the IT major reported lower-than-expected revenue growth for the current fiscal.
India's second largest IT services exporter, Infosys dented market expectation by giving FY14 guidance of 6-10% which is lower than market estimates as well as Nasscom industry estimates.
Post Infosys dismal set of numbers, most brokerages have given a thumbs-up to HCL Technologies and TCS as a better play in the IT sector.
Credit Suisse continues to prefer TCS and HCL Tech in the IT sector. Jefferies also advise investors to place their bets on TCS and HCL Technologies which are their top picks in IT space.
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