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HCL Technologies shares slump 7 per cent on Q1 numbers

After falling 7.15 per cent to Rs 1,077.40 in intra-day trade, the scrip finally ended the day at Rs 1,083.15, down 6.66 per cent on the Bombay Stock Exchange.

PHOTO: Reuters PHOTO: Reuters
HCL Technologies' shares on Thursday witnessed profit-booking, falling little over 7 per cent, even as the company posted a better-than-expected performance by reporting a 63.8 per cent increase in consolidated net profit for the quarter ended September 30.

Posting a better-than-expected performance, the company on Thursday reported a 63.8 per cent increase in consolidated net profit for the quarter ended September 30, 2013, aided by a weak rupee and encouraging macro-economic trends.

Consolidated revenues grew 31.2 per cent to Rs 7,961 crore in the July-September quarter this financial year from Rs 6,069 crore in the same quarter of last financial year.

The firm follows July-June as the fiscal year.

After falling 7.15 per cent to Rs 1,077.40 in intra-day trade on Thursday, HCL Tech's scrip finally ended the day at Rs 1,083.15, down 6.66 per cent on the Bombay Stock Exchange. At the National Stock Exchange, the stock settled 6.73 per cent lower at Rs 1,083.05.

The stock had run-up sharply ahead of the results. In the past five trading sessions, the scrip had gained 4.87 per cent.

However, investors are now exiting the stock on good results, say analysts.

"For Q1 FY14, HCL Tech marginally disappointed on the revenue front but exceeded expectations considerably on the operational performance as well as on the overall bottom-line front," said Ankita Somani, Research Analyst IT, Angel Broking.

"TCS, Infy and HCL tech were major losers post Q2 results, due to profit booking in the stocks," said Nidhi Saraswat, Senior Research Analyst, Bonanza Portfolio.

With inputs from PTI