HCL Tech gains after multi-year engagement with Vestas Wind Systems

HCL Technologies rose 0.34% to Rs 762 at 9:17 IST on BSE after the company said it entered into a multi-year engagement with Vestas Wind Systems A/S as the latter's strategic partner.

The announcement was made after market hours on Friday, 21 June 2013.

Meanwhile, the S&P BSE Sensex was down 13.04 points, or 0.07%, to 18,761.20.

On BSE, 857 shares were traded in the counter as against an average daily volume of 85,113 shares in the past one quarter.

The stock hit a high of Rs 763 and a low of Rs 760.25 so far during the day. The stock had hit a record high of Rs 809 on 17 April 2013. The stock had hit a 52-week low of Rs 453.90 on 26 June 2012.

The stock had outperformed the market over the past one month till 21 June 2013, rising 3.15% compared with the Sensex's 6.65% fall. The scrip had, however, underperformed the market in past one quarter, sliding 1.69% as against Sensex's 0.10% fall.

The large-cap company has an equity capital of Rs 139.33 crore. Face value per share is Rs 2.

Vestas is a global leader in manufacturing, selling, installing, and servicing of wind turbine power-plants.

HCL will provide application development and management and IT-consultancy services to applications run by Vestas as part of this engagement. The services will be delivered to Vestas primarily from India, but also from the Philippines and across locations in Denmark. Besides cost reduction, Vestas IT expects to gain increased flexibility in terms of skills, scale, knowledge and experience and achieve higher quality by using the HCL's best in class processes and services.

HCL Technologies' consolidated net profit as per US accounting standards rose 7.8% to Rs 1040 crore on 2.4% growth in revenue at Rs 6425 crore in Q3 March 2013 over Q2 December 2012. Earnings before interest, taxation, deprecation and amortization (EBITDA) rose 1.6% to Rs 1439.30 crore in Q3 March 2013 over Q2 December 2012. The EBITDA margin declined to 22.4% in Q3 March 2013 from 22.6% in Q2 December 2012.

HCL Technologies is one of the leading global IT services companies. The company offers an integrated portfolio of services, including software-led IT solutions, remote infrastructure management, engineering and R&D services and BPO. It has a network of offices in 31 countries to provide holistic, multi-service delivery in key industry verticals including financial services, manufacturing, consumer services, public services and healthcare.

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