Shares of HCL Technologies declined 5 per cent to Rs 586 from its early morning high on profit booking. The stock of the country’s third-largest information technology (IT) services firm hit a new high of Rs 619, up 3 per cent after it reported a better-than-expected 2.1 per cent quarter on quarter (QoQ) revenue growth in constant currency (CC) terms. Street had expected growth of around 1.5 per cent.
In the past one month, HCL Technologies has outperformed the market by gaining 8 per cent, as compared to 1 per cent rise in the S&P BSE Sensex.
Operating margins were also better than street expectations as the numbers improved to 20.2 per cent - highest in past eleven quarters led by better product mix and operational efficiency.
The company raised its full-year revenue growth guidance to 16.5-17 per cent in constant currency (CC) terms from 15-17 per cent earlier. Further, the company expects FY20 operating margin (EBIT) to come in the range of 19-19.5 per cent from 18.5-19.5 per cent earlier.
Analysts at Antique Stock Broking maintain ‘buy’ rating on HCL Tech with the price target of Rs 700 per share.
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