HCL Infosystems drops after Ind-Ra downgrades long term issuer rating

HCL Infosystems dropped 2.13% to Rs 52.75 at 11:45 IST on BSE after India Ratings & Research has revised downwards company's long-term issuer rating from IND A+ to IND A.

The company made the announcement after market hours yesterday, 3 March 2014.

Meanwhile, the BSE Sensex was up 225.24 points, or 0.8%, to 29,829.06.

On BSE, so far 2.91 lakh shares were traded in the counter, compared with an average volume of 6.7 lakh shares in the past one quarter.

The stock hit a high of Rs 54.60 and a low of Rs 52.60 so far during the day. The stock hit a 52-week high of Rs 94.50 on 22 September 2014. The stock hit a 52-week low of Rs 27.40 on 4 March 2014.

The stock had outperformed the market over the past one month till 3 March 2015, rising 10% compared with 2.05% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 19.61% as against Sensex's 4.05% rise.

The mad-cap IT company has an equity capital of Rs 44.58 crore. Face value per share is Rs 2.

HCL Infosystems said that the India Ratings & Research (Ind-Ra) has revised HCL Infosystems' long-term issuer rating from 'IND A+' to 'IND A' and removed it from Rating Watch Negative (RWN). The rating 'IND A' denotes stable outlook, company said.

HCL Infosystems' reported consolidated net loss of Rs 50.82 crore in Q2 December 2014 compared with consolidated net loss of Rs 45.26 crore in Q1 September 2014. Total income fell 14.43% to Rs 1468.81 crore in Q2 December 2014 over Q1 September 2014.

Powered by Capital Market - Live News