Stocks

HCL Technologies shares jump over 9%

PTI New Delhi | Updated on September 14, 2020 Published on September 14, 2020

Shares of IT services major HCL Technologies zoomed over 9 per cent in early trade on Monday after the company said its revenue and operating margin for the September quarter is expected to be “meaningfully better” than the top end of its previous forecast.

The stock jumped 9.28 per cent to ₹789.35 on the BSE.

At the NSE, it zoomed 8.61 per cent to ₹783.85 -- its one year high.

The company expects its revenue growth in constant currency terms to exceed 3.5 per cent quarter-on-quarter (Q-o-Q) for the July-September 2020 period, according to a regulatory filing.

Providing a mid-quarter update, HCL Technologies said it expects its revenue and operating margin for the current quarter to be meaningfully better than the top end of its guidance given in July.

“We have seen strong execution during the quarter to date, and continue to execute to the plan this month,” it said.

HCL Technologies said its sequential revenue growth for the current quarter in constant currency terms is expected to exceed 3.5 per cent, enabled by broad-based momentum across all service lines, verticals and geographies.

In July, while reporting its financial performance for the June 2020 quarter, HCL Technologies had said it expects its revenue to increase Q-o-Q by an average of 1.5 per cent to 2.5 per cent in constant currency for the next three quarters.

Also, it had guided for its operating margin to be between 19.5 per cent and 20.5 per cent for FY’21.

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Published on September 14, 2020
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