HCL Tech hits 52-week low

HCL Technologies lost 5.01% to Rs 759.90 at 11:51 IST on BSE, with the stock extending Thursday's losses triggered by the company's March quarter results falling below market expectations.

Meanwhile, the S&P BSE Sensex was up 7.71 points or 0.03% at 25,610.81.

The stock tumbled on heavy volumes. On BSE, so far 4.61 lakh shares were traded in the counter as against average daily volume of 1.03 lakh shares in the past one quarter. The stock hit a low of Rs 756.60 so far during the day, which is a 52-week low for the counter. The stock hit a high of Rs 795 so far during the day. The stock had hit a 52-week high of Rs 1,047.50 on 29 May 2015. The stock had underperformed the market over the past one month till 28 April 2016, sliding 1.44% compared with Sensex's 2.55% rise. The scrip had also underperformed the market in past one quarter, declining 5.26% as against Sensex's 4.63% rise.

The large-cap company has equity capital of Rs 282.11 crore. Face value per share is Rs 2.

Shares of HCL Technologies (HCL Tech) have dropped 9.28% in two trading sessions from its close of Rs 837.70 on 27 April 2016, after the company's financial results for the quarter ended 31 March 2016 announced before market hours yesterday, 28 April 2016, fell below market expectations. The stock had lost 4.51% to settle at Rs 799.95 yesterday, 28 April 2016.

HCL Tech's consolidated net profit rose 0.3% to Rs 1926 crore on 3.4% growth in revenue to Rs 10698 crore in the quarter ended 31 March 2016 over the quarter ended 31 December 2015. Revenue in constant currency terms rose 1.7% on sequential basis in the quarter ended 31 March 2016. In dollar terms, HCL Tech's net profit declined 2% to $285 million on 1.3% growth in revenue to $1,587 million in the quarter ended 31 March 2016 over the quarter ended 31 December 2015. HCL Tech has changed its accounting year to the period from 1 April to 31 March from earlier 1 July to 30 June.

Meanwhile, reports suggested that three foreign brokerages have cut their target price on HCL Technologies stock in the wake of the company's disappointing March quarter earnings.

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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