HCL Tech surges 3% on Q3 results

Net profit jumps 28.7% at Rs 602 cr

Shares of HCL Technologies surged 3% after the IT services firm reported 28.7% jump in net profit at Rs 602.5 crore for the third quarter ended March 31.

The company's revenues were up 26% at Rs 5,215.6 crore, from Rs 4,138.2 crore in Q3 of the 2010-11 fiscal.

Buoyed by the results, shares of the company climbed 3.06% to close at Rs 495.55 apiece on the BSE. During the trading session, the stock surged as much as 6.31% to touch the day's high of Rs 511.20 apiece.

On the National Stock Exchange the stock rose by 2.79% to close at Rs 494.25 apiece. In the intra-day trade, the stock touched a high of Rs 511.35 and a low of Rs 492.45.

The company attributed its strong quarterly numbers to robust demand from clients amid an uncertain economic environment.

The firm also announced an interim dividend of Rs 2 per equity share of the face value of Rs 2 each.

Marketmen said the bullish numbers helped the stock gain momentum. Besides, the broader market, Sensex, ended in a positive territory at 17,392.39 points, up 34.45 points from its previous close.

"A key strategic shift in the global IT industry has been the levelling of the playing field between the Indian origin service providers and the global MNCs. It is encouraging to note that HCL has continued its growth trajectory even in this environment," HCL Technologies Chairman and Chief Strategy Officer Shiv Nadar said.