HCL Tech gains as broker maintains buy rating

HCL Technologies rose 1.27% to Rs 1573.60 at 11:48 IST on BSE after a foreign brokerage maintained a buy rating on the stock.

Meanwhile, the BSE Sensex was up 85.93 points, or 0.33%, to 26,446.04.

On BSE, so far 7,359 shares were traded in the counter, compared with an average volume of 51,247 shares in the past one quarter.

The stock hit a high of Rs 1,574.90 and a low of Rs 1,556.05 so far during the day. The stock hit a record high of Rs 1,630 on 30 July 2014. The stock hit a 52-week low of Rs 872 on 22 August 2013.

The stock had outperformed the market over the past one month till 21 August 2014, rising 3.18% compared with 2.51% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 16.64% as against Sensex's 8.49% rise.

The large-cap company has an equity capital of Rs 140.10 crore. Face value per share is Rs 2.

In its research reports, the foreign brokerage said that concerns over slowdown seem overdone and demand environment remains decent. Near-term catalyst will be pick-up in infrastructure services, added the brokerage.

On a consolidated basis, HCL Technologies' net profit as per US-GAAP rose 13% to Rs 1834 crore on 0.9% increase in revenue to Rs 8424 crore in Q4 June 2014 over Q3 March 2014.

HCL Technologies is a leading global IT services company. HCL leverages its extensive global offshore infrastructure and 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 & life sciences.

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