HCL Technologies shares give up early gains; close nearly 2 pc lower

Shares of HCL Technologies gave up all its early gains and closed nearly 2 per cent lower on Thursday due to profit-booking.

In the early trade, it had jumped over 4 per cent after the company posted 22.8 per cent rise in its consolidated net profit for the March quarter.

On the BSE, the scrip which advanced 4.38 per cent to Rs 542.40 during the day, later witnessed profit-booking and closed at Rs 511.80, down 1.50 per cent.

On the NSE, it closed at Rs 510.50, a decline of 1.65 per cent after rising 4.37 per cent to Rs 541.80 during the day.

On traded volume terms, 6.32 lakh shares were traded at the BSE and about 2 crore units on the NSE durng the day.

Earlier in the day, the IT firm posted 22.8 per cent rise in consolidated net profit at Rs 3,154 crore for the March quarter driven by strong growth across verticals.

It had registered a net profit of Rs 2,568 crore in the January-March 2019 quarter, HCL said in a regulatory filing.

Its revenue grew 16.3 per cent to Rs 18,590 crore in the quarter under review from Rs 15,990 crore in the corresponding quarter last year, as per US Generally Accepted Accounting Principles (GAAP).

For FY20, HCL Tech's consolidated net profit increased 9.3 per cent to Rs 11,062 crore, while revenue grew 17 per cent to Rs 70,678 crore from the previous financial year. Like its peers, Infosys and Wipro, HCL Technologies has refrained from offering revenue guidance amid uncertainties on account of COVID-19 pandemic.