HCL Tech shares close over 2 pc higher after September qtr earnings

Shares of HCL Technologies on Thursday trimmed most of early gains and closed over 2 per cent higher after the company posted a 6.9 per cent rise in consolidated net profit for the September quarter, and raised its revenue growth forecast.

The scrip went up 2.09 per cent to close at Rs 1,118.55 on the BSE. During the day, it jumped 5.87 per cent to Rs 1,160.

On the NSE, it rose 2.16 per cent to close at Rs 1,118.90.

In terms of traded volume, 2 lakh shares were traded on the BSE during the day, while 67 lakh shares were traded on the NSE.

The IT major declared its September 2019 quarter earnings on Wednesday after market hours.

It posted a 6.9 per cent rise in consolidated net profit at Rs 2,711 crore, and raised revenue growth forecast to 15-17 per cent for 2019-20 on the back of strong deal pipeline.

The company, which had registered a net profit of Rs 2,534 crore in the year-ago period as per the Indian Accounting Standards (IndAS), also announced a bonus share scheme under which it will offer one bonus share for each share held.

HCL Tech's revenue from operations grew 18 per cent to Rs 17,527 crore in the quarter under review as against Rs 14,860 crore in the year-ago period.

For the full fiscal, HCL Tech raised its revenue growth outlook to 15-17 per cent for 2019-20 from its previous forecast of 14-16 per cent topline growth in constant currency terms.