HCL Tech hits new high
HCL Tech is doing pretty well despite the very weak broad market. The stock is amongst the top gainers on the BSE, currently up 1.63% at Rs.920.60 but this is after hitting a new 52-week high at Rs.927.45. Volumes are big at over one lakh shares.
The stock hit a high on the back of its very good numbers for its fourth quarter ended 30th June 2013. Its consolidated rupee revenue rose much more than estimated at rs.6944 crore, up 8% (QoQ) while dollar revenue was up 3% at US$1228 million. EBIT was up over 14% on a sequential basis at Rs.1461 crore. Consolidated net profit for the fiscal fourth quarter ended June 30 rose to Rs.1210 crore ($200 million) from Rs 854 crore a year earlier, up 42%. This good performance was on account of a robust order intake. During the quarter, HCL booked in excess of US$ 1 Billion, including 12 multi-year deals from F500/G2000 clients.