HCL Tech gains 3% on maintaining margin outlook; analysts remain positive

Motilal Oswal Financial Services expects HCL Tech to emerge stronger on the back of healthy demand for IMS, Digital space and Cloud services in the medium term

Shares of HCL Technologies rallied 3.4 per cent to Rs 1,266 on the BSE in Friday's intraday trade, in an otherwise weak market, after the company reported a 9.8 per cent year on year (YoY) jump in its consolidated net profit at Rs 3,832 crore for the second quarter of FY24 (Q2-FY24). The stock had hit a 52-week high of Rs 1,311 on September 18, 2023.

The consolidated revenue from operations reached Rs 26,672 crore, an 8 per cent YoY increase. Sequentially, profit after tax grew by 8.4 per cent, while revenue increased by 1.4 per cent. Earnings before