HCL Technologies share price hits fresh 52-week high on Q3 earnings

Share price of HCL Technologies gained 3% on Monday to hit a fresh 52-week high after the company reported a 13% rise in profit for its December quarter.

Following the Q3 earnings, HCL Tech stock opened with a gap up chart pattern and touched an intraday high as well as a new 52-week high of Rs 618.9, rising 3.36% on BSE. The large cap stock made a high of Rs 618 on NSE as well. Although, later the stock reversed the trend and fell 2.18% to Rs 585.70 on BSE.

HCL Technologies reported a 16.31% YoY rise in consolidated profit at Rs 3,037 crore for the quarter ended December 31 compared with Rs 2,611 crore recorded in the corresponding quarter last year. The IT company registered a 15.5% rise in its revenue at Rs 18,135 crore, compared to Rs 15,699 crore in Q2. The company board has declared a dividend of Rs 2 per share.

Company's market cap stood at Rs 1.61 lakh crore. Volume-wise, 1.20 lakh and 40 lakh shares changed hands on BSE and NSE, both above 5,10, the 30-day average volume traded. Market depth data suggested 57% sellers against 46% buyers.

HCL Tech shares closed at Rs 598.8 on Friday, up marginally from their previous close on the BSE. HCL Tech shares have risen 1.2% in one week, 4% in one month and 23% in one year. HCL Tech stock price is trading higher than its 5, 20, 50, 100 and 200-day moving averages

The company has also revised its revenue growth outlook to 16.5-17% for 2019-20 from its previous forecast of 15-17% topline growth in constant currency terms.

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