HCL Technologies hardens on good earnings
HCL Technologies inched up 0.30% to Rs 320.55 at 9:58 IST in a weak market after net profit rose 55.87% to Rs 300.75 crore on a 8.68% increase in total income to Rs 1295.19 crore in Q1 September 2009 over Q4 June 2009. The result was declared before market hours today, 28 October 2009. Meanwhile, the BSE Sensex was down 96.46 points, or 0.59%, to 16256.94.
On BSE, 9,888 shares were traded in the counter as against an average daily volume of 2.71 lakh shares in the past one quarter.
The stock hit a high of Rs 329 and a low of Rs 314.80 so far during the day. The stock had hit a 52-week high of Rs 350.50 on 17 September 2009 and a 52-week low of Rs 89.10 on 12 March 2009.
The stock had underperformed the market over the past one month till 26 October 2009, falling 2.75% as compared to the Sensex 0.28% rise. It outperformed the market in past one quarter, gaining 39.53% as against 8.85% rise in the Sensex.
The large-cap software company has an equity capital of Rs 134.39 crore. Face value per share is Rs 2.
The current price of Rs 320.55 discounts the company's Q4 June 2009 annualised EPS of Rs 11.51, by a PE multiple of 27.84.
On a consolidated basis, as per US accounting rules, the net profit declined 12.3% to $66.5 million on a 25.8% rise in revenues to $630.1 million in Q1 September 2009 over Q4 June 2009. The company has declared an interim dividend of Re 1 per share face value of Rs 2 per share.
Forex loss in Q1 September 2009 stood at Rs 151 crore compared with Rs 80 crore in Q1 September 2008 and Rs. 89 crore Q4 June 2009. Total cash and cash equivalent stood at US$74.2 million in Q1 September 2009.
HCL Technologies recently tied up with US software giant Microsoft to provide retail banking solution to help banks in the Asia-Pacific region.
The retail banking solution will addresses the need of regional banks recovering from the recent economic and financial crisis, to achieve rapid information technologies (IT) enabled productivity gains in CRM amid increased competition in the retail and the fast growing wealth management sectors.
HCL Technologies had in September 2009 bagged a five-year transformational IT infrastructure management contracts aggregating $113 million from two power companies based in Texas, US.
HCL Technologies is a global technology and software services company offering software services, business process outsourcing services and infrastructure management services.
POSTED BY:-
SHILPI KUMARI
PGDM-3rd SEM