HCL Tech at new high

HCL Tech is one bright star today morning. The stock jumped up over 7.5% to hit a new 52-week high at Rs.776.55. It remains firmly in the green and currently trades at Rs.772 levels.

The company, today, before the opening bell, published its mid-quarter update and its outlook is positive.

It expects revenue and Operating Margin for the current quarter (September’20) to be meaningfully better than the top end of the guidance we had provided in July’2020.

Giving further details, the company stated:

• We have seen strong execution during the quarter to date, and continue to execute to the plan this month.

• The Revenue growth for the current quarter is expected to exceed 3.5% quarter on quarter in constant currency, enabled by broad based momentum across all service lines, verticals and geographies.

• The EBIT% for the current quarter is expected to be between 20.5% and 21.0%.

• Good Booking momentum continues this quarter, led by Life Sciences & Healthcare, Telecom & Media and Financial Services verticals.

• The pipeline continues to look healthy across service lines, verticals and geographies.