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HCL Tech shares jump nearly 7 per cent on robust earnings

HCL Tech shares jump nearly 7 per cent on robust earnings

Shares of HCL Technologies rose after the company reported over 67 per cent jump in the April-June quarter of its 2011-12 fiscal.

Shares of HCL Technologies rose after the company reported over 67 per cent jump in the April-June quarter of its 2011-12 fiscal. The company said more outsourcing orders contributed to the impressive fourth quarter results.

The company this morning posted 67.3 per cent jump in net profit to Rs 854.1 crore. The IT services major had a net profit of Rs 510.5 crore in the same quarter last year.

The company's scrip opened at Rs 504, then surged 6.64 per cent to a high of Rs 513.60 on the BSE.

Similar movement was seen on the National Stock Exchange where the stock opened at Rs 505.10, then touched a high of Rs 513.30, up 6.75 per cent from its previous closing price.

The surge was despite the stock markets trading in the negative territory. Marketmen said the uptick in the counter was largely on the back of strong order pipeline.

During the reporting quarter, HCL Technologies signed eight multi-year, multi-million transformational deals, while in entire FY2011-12, it won 52 transformational deals, the company said.

HCL's total income rose to Rs 5,919.1 crore during the reporting quarter from Rs 4,299.5 crore in the corresponding quarter last fiscal, a rise of 37.7 per cent.

With PTI inputs