Gitanjali Gems leads gainers in 'A' group

Wockhardt, Bharat Forge, HCL technologies and Prestige Estates Projects are among the other gainers.

Gitanjali Gems rose by its maximum permissible limit for the day of 10% to Rs 69.60 and topped the gainers in the BSE's 'A' group. The stock rose on bargain hunting after falling 9.89% in seven trading days to Rs 63.30 on 15 January 2014 from a recent high of Rs 70.25 on 6 January 2014.

Wockhardt gained 4.33% to Rs 424.95 and was second biggest gainer in 'A' group. The stock rose on bargain hunting after sliding 8.85% in five trading days to Rs 407.30 on 15 January 2014 from a recent high of Rs 446.85 on 8 January 2014.

Bharat Forge jumped 4.26% to Rs 348.80 and was third biggest gainer in 'A' group.

HCL technologies surged 4.23% to Rs 1,391.90 and was fourth biggest gainer in 'A' group. The stock hit record high of Rs 1,398.30 in intraday trade. The company's consolidated net profit rose 5.7% to Rs 1496 crore on 2.8% increase in revenue to Rs 8184 crore in Q2 December 2013 over Q1 September 2013. The results are as per US Generally Accepted Accounting Principles (US GAAP). The company announced Q2 result before trading hours.

Earnings before interest, taxation, depreciation and amortization (EBITDA) rose 1.6% to Rs 2126 crore in Q2 December 2013 over Q1 September 2013. EBITDA margin declined to 26% in Q2 December 2013, from 26.3% in Q1 September 2013.

HCL Technologies' consolidated net profit as per US GAAP rose 7.1% to $241.6 million on 4% growth in revenue at $1.3213 billion in Q2 December 2013 over Q1 September 2013. EBITDA rose 2.8% to $343.3 million in Q2 December 2013 over Q1 September 2013. EBITDA margin edged lower to 26% in Q2 December 2013, from 26.3% in Q1 September 2013.

Commenting on the company's Q2 performance, Shiv Nadar, Chairman & Chief Strategy Officer, HCL Technologies said: "As a company HCL has always differentiated itself on two key pillars -- corporate excellence and governance, and trust through transparency and flexibility. Our sustained efforts in these areas continue to be recognized".

Anant Gupta, President & CEO, HCL Technologies said: "HCL continues its profitable growth trajectory with yet another stellar quarter of 4% QoQ revenues growth and 39.1% YoY net income growth. The company also crossed many milestones during the quarter, with our calendar year 2013 revenues crossing the $5 billion landmark. In addition Infrastructure Services, Europe geography and Manufacturing vertical each crossed $1.5 billion in revenues. This quarter we also made significant progress in the execution of our Digital System Integration Services strategy by signing new engagements and establishing dedicated Centers of Excellence to further strengthen our thought leadership and thrust on Gen 2 Outsourcing".

Anil Chanana, CFO, HCL Technologies said: "We continue to deliver superior performance. The operating efficiencies, the scale of business in our Run-the-Business offering and the optimization of G&A spend helped in pushing the net income margin to another high of 18.3% this quarter. The asset light model reflected by our Fixed asset turnover at 10x of revenues, and efficient working capital management, continued to keep the return on equity at a historic high of 35% and operating cash flows in excess of 100% of net income"

Prestige Estates Projects rose 4% to Rs 144.35 and was fifth biggest gainer in 'A' group. The stock rose on bargain hunting after declining 11.87% in five trading days to Rs 138.80 on 15 January 2014 from a recent high of Rs 157.50 on 8 January 2014.

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