HCL Tech share price gains over 2% post Q1 earnings

HCL Technologies share price gained in early trade today after the IT firm reported a 31.7 per cent rise in consolidated net profit for the quarter ended June. Share price of HCL Technologies rose up to 2.28% to Rs 642 against previous close of Rs 627.65 on BSE. The stock has gained 6.29% in the last 3 days. HCL Technologies share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Total 4.49 lakh shares changed hands amounting to turnover of Rs 28.32 crore on BSE. Market cap of the firm stood at Rs 1.70 lakh crore.

The IT stock has gained 20.89% in one year and gained 10.69% since the beginning of this year.

For Q1 , the firm reported Rs 2,925 crore net profit against net profit of Rs 2,220 crore in the April-June 2019 quarter (as per US GAAP). Revenue grew 8.6 per cent to Rs 17,841 crore in Q1 against Rs 16,425 crore in the corresponding quarter last year.

and said that Shiv Nadar has stepped down from the Chairman's role.

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Nadar's daughter, Roshni Nadar Malhotra, will succeed him with immediate effect.

"The adverse conditions during this quarter had an anticipated negative impact on our revenue. I am happy to report that the resilience of our operating model helped us deliver stellar operating margins and cashflows," HCL Technologies President and CEO C Vijayakumar said.

In a related development, Shiv Nadar has stepped down from Chairman's role.

Nadar's daughter, Roshni Nadar Malhotra, will succeed him with immediate effect. "Shiv Nadar expressed his desire to step down from position of Chairman. Mr Nadar would continue to be MD of Company with designation as Chief Strategy Officer," the firm said.

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