TCS, HCL Tech, other IT shares fall on profit-booking after record highs
Software services exporters TCS and HCL Technologies Ltd fell, despite posting July-September earnings that beat estimates.
By ET Online | Updated:
MUMBAI: Shares of Tata Consultancy Services, HCL Tech and Mindtree were down on profit-booking even as the trio reported better-than-expected results for quarter ended September 2013.
The market was expecting a strong set of numbers and expectations were very high. The valuations are stretched and hence a rally in near-term may not sustain, say analysts.
Traders had been accumulating the stocks ahead of the results in anticipation of the robust results. After a sharp rise in stock prices, they are now off-loading their long positions.
Following are the quarterly results of TCS, HCL, Mindtree:
Tata Consultancy Services: India's number one IT services exporter on Tuesday reported a Profit After tax (PAT) of Rs 4702 crore versus Rs 3796.2 crore in Q1. This is a rise of 24.7% quarter-on-quarter.
The dollar revenues for Q2 were reported at $3.33 billion versus $3.16 billion QoQ. Q2 sales stood at Rs 20,980 crore versus Rs 17,987 crore QoQ. The foreign exchange loss for Q2 was reported at Rs 377 crore.
HCL Tech: The company came out with impressive set of numbers for quarter ended September 2013. It reported a net profit of Rs 1,416 crore, up 17.02 per cent, as compared to Rs 1,210 crore in the corresponding quarter last fiscal. Revenues increased to Rs 7,961 crore, against Rs 6,944 crore. EBIDTA margins increased to 23.8 per cent vs 23.45 per cent.
Mindtree: Net profit rose by 77.8 per cent to Rs 128.7 crore for the September quarter on the back of a strong growth in manufacturing and retail vertical. Mindtree's net profit stood at Rs 72.4 crore for the July-September 2012 quarter. Revenues for the reported quarter grew 29.2 per cent to Rs 769.5 crore from Rs 595.3 crore in the same period last fiscal.
At 09:50 a.m.;TCS was at Rs 2,164.60, down 2.41 per cent, on the BSE. It touched a high of Rs 2,239 and a low of Rs 2,148 in trade today.
HCL Tech was at Rs 1,147.95, down 1.07 per cent, on the BSE. It touched a high of Rs 1,169 and a low of Rs 1,101.55 in trade today.
Mindtree was at Rs 1,340, down 2.78 per cent, on the BSE. It touched a high of Rs 1,387.20 and a low of Rs 1,329 in trade today.
Other IT stocks also fell: Tech Mahindra Ltd was down 1.7 per cent, while Infosys fell 0.9 per cent.
The market was expecting a strong set of numbers and expectations were very high. The valuations are stretched and hence a rally in near-term may not sustain, say analysts.
Traders had been accumulating the stocks ahead of the results in anticipation of the robust results. After a sharp rise in stock prices, they are now off-loading their long positions.
Following are the quarterly results of TCS, HCL, Mindtree:
Tata Consultancy Services: India's number one IT services exporter on Tuesday reported a Profit After tax (PAT) of Rs 4702 crore versus Rs 3796.2 crore in Q1. This is a rise of 24.7% quarter-on-quarter.
The dollar revenues for Q2 were reported at $3.33 billion versus $3.16 billion QoQ. Q2 sales stood at Rs 20,980 crore versus Rs 17,987 crore QoQ. The foreign exchange loss for Q2 was reported at Rs 377 crore.
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HCL Tech: The company came out with impressive set of numbers for quarter ended September 2013. It reported a net profit of Rs 1,416 crore, up 17.02 per cent, as compared to Rs 1,210 crore in the corresponding quarter last fiscal. Revenues increased to Rs 7,961 crore, against Rs 6,944 crore. EBIDTA margins increased to 23.8 per cent vs 23.45 per cent.
Mindtree: Net profit rose by 77.8 per cent to Rs 128.7 crore for the September quarter on the back of a strong growth in manufacturing and retail vertical. Mindtree's net profit stood at Rs 72.4 crore for the July-September 2012 quarter. Revenues for the reported quarter grew 29.2 per cent to Rs 769.5 crore from Rs 595.3 crore in the same period last fiscal.
At 09:50 a.m.;TCS was at Rs 2,164.60, down 2.41 per cent, on the BSE. It touched a high of Rs 2,239 and a low of Rs 2,148 in trade today.
HCL Tech was at Rs 1,147.95, down 1.07 per cent, on the BSE. It touched a high of Rs 1,169 and a low of Rs 1,101.55 in trade today.
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Mindtree was at Rs 1,340, down 2.78 per cent, on the BSE. It touched a high of Rs 1,387.20 and a low of Rs 1,329 in trade today.
Other IT stocks also fell: Tech Mahindra Ltd was down 1.7 per cent, while Infosys fell 0.9 per cent.
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