HCL Tech recovers after 4-day 4.8% slide

HCL Technologies rose 0.58% to Rs 755.50 at 9:44 IST on BSE, with the stock recovering on bargain hunting after 4-day 4.89% slide.

Meanwhile, the S&P BSE Sensex was up 59.85 points or 0.32% at 18,791.01.

On BSE, 54,000 shares were traded in the counter as against average daily volume of 81,312 shares in the past one quarter.

The stock hit a high of Rs 767.95 and a low of Rs 751.25 so far during the day. The stock had hit a record high of Rs 809 on Wednesday, 17 April 2013. The stock had hit a 52-week low of Rs 453.90 on 26 June 2012.

The stock had underperformed the market over the past one month till 17 April 2013, sliding 5.11% compared with the Sensex's 3.58% fall. The scrip had, however, outperformed the market in past one quarter, surging 6.8% as against Sensex's 6.18% fall.

The large-cap IT company has equity capital of Rs 139.22 crore. Face value per share is Rs 2.

Shares of HCL Technologies had reversed direction after hitting record high in intraday trade on Wednesday, 17 April 2013, after the company reported third quarter results before trading hours. The stock had lost 1.51% to settle at Rs 751.15 on Wednesday, 17 April 2013. The stock declined 4.89% in four trading sessions to settle at Rs 751.15 on Wednesday, 17 April 2013, from a recent high of Rs 789.80 on 11 April 2013.

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. The company announced the results before market hours on Wednesday, 17 April 2013.

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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