HCL Technologies surges over 10% in two days on strong Q2 results

HCL Technologies has rallied nearly 5% to Rs 1,875, extending its previous day’s 9% surge on NSE, after the company on Friday reported a 28% year-on-year (yoy) jump in its net profit at Rs 1,915 crore in the December quarter. The revenue at Rs 9,283 crore grew 13% on yoy basis.

Sequentially, the net profit was up 2.3% and revenues 6.3%. In dollar terms, the company posted a 4% sequential growth, with revenues of $1,491 million.

Meanwhile, the board had recommended issue of bonus shares in the ratio of 1:1.

This is with the objective to encourage participation of small investors, increasing the liquidity of the equity shares and expand the retail shareholder base, the company said.

Analyst at Angel Broking maintains ‘buy’ rating on the stock with a price target of Rs 1,968.

The stock opened at Rs 1,800 and touched a new high of Rs 1,890 on NSE. Till 1028 hours, a combined 950,276 shares changed hands on the counter on NSE and BSE.