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Last Updated : Sep 14, 2020 04:50 PM IST | Source: Moneycontrol.com

HCL Technologies shares jump 7% to hit 52-week high on strong Q2 update

The IT firm sees constant currency growth of over 3.5 percent QoQ and margin of 20.5-21 percent. It expects revenue and margin to be meaningfully better than the top end of the guidance.

HCL Technologies share price jumped over 7 percent intraday on September 14 after the firm said it has seen strong execution to date in Q2 FY21.

The IT firm sees constant currency growth of over 3.5 percent QoQ and margin of 20.5-21 percent. It expects revenue and margin to be meaningfully better than the top end of the guidance. The revenue growth in CC terms is enabled by board-based momentum across verticals and geographies, according to a CNBC-TV18 report.

The company has seen strong execution during the quarter to date. The IT firm sees good booking momentum this quarter led by lifesciences and healthcare, telecom and media and financial services.

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The company is of the view that the pipeline continues to look healthy across service lines, verticals and geographies.

The stock price hit new 52-week high and was trading at Rs 773.65, up Rs 52.60, or 7.29 percent. It has touched a 52-week high of Rs 776.55.

IT services major HCL Technologies on Tuesday said it has opened a global development centre in Colombo, Sri Lanka, and expects to hire over 3,000 people in the next few years for the facility.

"HCL plans to deploy about 3,000 people in the coming three to five years and of which 1,500 employees will start working in Sri Lanka in the next 18 months,” it added.

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According to Moneycontrol SWOT Analysis powered by Trendlyne, the stock is showing strong momentum: price above short, medium and long term moving averages and FII / FPI or institutions are increasing their shareholding.

Moneycontrol technical rating is very bullish with moving averages and technical indicators being bullish.

Disclaimer: The views and investment tips expressed by experts on moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
First Published on Sep 14, 2020 10:41 am
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