HCL Tech firms up after setting record date for bonus shares

HCL Technologies advanced 0.72% to Rs 1118.15 after the company fixed 7 December 2019 as the record date for bonus issue of shares.

On 23 October 2019, the company's board approved issuing one bonus share for every one equity share held of the company (1:1).

HCL Technologies' consolidated net profit rose 21.57% to Rs 2,711 crore on 6.7% increase in net sales to Rs 17,527 crore in Q2 September 2019 over Q1 June 2019.

HCL Technologies is engaged in providing a range of software development services, business process outsourcing services and information technology (IT) infrastructure services.

On the technical front, the stock's RSI (relative strength index) stood at 48.11. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day moving average (DMA) placed at Rs 1101.81 and 200-day moving average (DMA) placed at Rs 1076.47.

The counter witnessed some volatility over the past one month. The stock jumped 9.29% in seven trading sessions to Rs 1,163.35 on 31 October 2019 from its close of Rs 1,064.45 on 22 October 2019. It corrected 4.57% in 26 sessions to Rs 1,110.20 on 26 November 2019, from its close of Rs 1,163.35 on 31 October 2019.

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