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HCL Tech stock rises over 5% despite decline in Q1 profit

BusinessToday.In     August 8, 2019

HCL Technologies share price rose in early trade today despite the IT firm reporting 8.26 % year-on-year (YoY) decline in consolidated net profit at Rs 2,230 crore for June quarter. The IT giant's profit fell 12.54 % in Q1 compared to Rs 2,250 crore in the March quarter.

However, HCL Technologies share price rose up to 5.06% intraday to Rs 1,074, compared to the previous close of Rs 1,022.30 on BSE.

HCL Technologies share price has risen 10% during the last year and gained over 10.33% since the beginning of this year.

Moreover, it is the top gainer on the NSE IT sector index, the best performing among all sectors in today's trading session.

The HCL Tech script has moved above its 30, 50, 150 and 200-day simple moving average in today's trade.

The large-cap script is trading close to its 52-week high recorded at Rs 1,190.

The company's consolidated revenue from operations increased by 8.14% to Rs 16,427 crore in Q1FY20 as compared to Rs 13,878 crore in Q1FY19.

With the financial statements, the IT Consulting and Software firm has also announced the appointment of an Independent Director, Dr. Mohan Chellappa, effective from August 6, 2019, for the duration of 5 years.

At 1: 30 pm, the HCL Tech share trades 48 points or 4.70% higher at Rs 1,070 on BSE.

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Edited by Rupa Burman Roy

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