HCL Tech extends gains after winning outsourcing contract

HCL Technologies rose 0.38% to Rs 857.85 at 14:20 IST on BSE, with the stock extending previous session's 2.72% gains triggered by the company announcing that it won a 5-year next-generation IT outsourcing services contract from Husqvarna AB.

Meanwhile, the BSE Sensex was up 318.88 points, or 1.32%, to 24,561.86.

On BSE, so far 41,631 shares were traded in the counter, compared with an average volume of 1.07 lakh shares in the past one quarter. The stock hit a high of Rs 865.95 and a low of Rs 852.40 so far during the day. The stock hit a record high of Rs 1,058.20 on 11 March 2015. The stock hit a 52-week low of Rs 785.85 on 12 February 2016. The stock had underperformed the market over the past one month till 2 March 2016, falling 2.2% compared with 1.21% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, declining 0.58% as against Sensex's 7.18% fall.

The large-cap IT services provider has an equity capital of Rs 282.01 crore. Face value per share is Rs 2.

HCL Technologies (HCL)'s stock had gained 2.72% to settle at Rs 854.60 yesterday, 2 March 2016 after the company announced that it has signed a five year next-generation information technology outsourcing (Next-Gen ITO) contract with Sweden-based Husqvarna AB, a leading manufacturer of outdoor power products including robotic mowers, garden tractors, chainsaws and trimmers. The announcement was made during trading hours yesterday, 2 March 2016. HCL has been providing application management services to Husqvarna and with this deal, HCL will now provide end-to-end integrated infrastructure and applications services, covering data center services, network services, security services, applications operations and support services, HCL said in a statement.

Meanwhile, HCL Technologies clarified after market hours yesterday, 2 March 2016, regarding news report of company may buy out Godrej in Geometric that the news is speculative in nature. Reports had syggested that HCL is expected to acquire 38% stake held by Geometric's principal share holders -- Godrej family and CEO Manu Parpia, giving them control of the Mumbai headquartered company.

HCL Technologies' consolidated net profit rose 11.2% to Rs 1920 crore on 2.4% growth in revenue to Rs 10341 crore in Q2 December 2015 over Q1 September 2015.

HCL Technologies is a leading global IT services company working with clients in the areas that impact and redefine the core of their businesses.

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