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HCL Technologies shares hit record high on Q2 profit

The IT major on Thursday reported a net profit of Rs 1,496 crore for the October-December quarter, on the back of growth in manufacturing and infrastructure services.

HCL Technologies' shares rose over 3 per cent on the bourses as the company reported 58.4 per cent rise in consolidated net profit for the second quarter ended December 31, 2013.

The IT major on Thursday reported a net profit of Rs 1,496 crore for the October-December quarter, on the back of growth in manufacturing and infrastructure services.

The firm, which follows July-June fiscal year, had posted a net profit of Rs 944 crore in the year-ago period, it said in a filing to the Bombay Stock Exchange (BSE).

Cheering the news, scrip of the software services exporter gained 3.17 per cent to Rs 1,377.75 - its 52-week high on the BSE.

On the National Stock Exchange, the stock soared 3.5 per cent to touch a one-year peak of Rs 1,377.

"For Q2 FY14, HCL Tech came out with better-than-expected set of results largely on all fronts," said Ankita Somani, Research Analyst - IT, Angel Broking. "Overall, the company performed exceptionally well on the margins front and we continue to remain positive on the stock for a longer-term perspective keeping in notice the company?s deal signing trajectory and healthy operating performance since last several quarters," she added.

HCL Technologies' consolidated revenues grew 30.4 per cent to Rs 8,184 crore for the quarter under review, against Rs 6,278 crore in the same quarter of 2012-13.

With inputs from PTI