HCL Technologies jump 8% on bullish Q1 numbers

New Delhi, Shares of HCL Technologies today rallied as much as eight per cent in early morning trade on the bourses after the IT services firm reported 15 per cent rise in its first quarter net profit. 

The company today reported a 14.8 per cent increase in net profit to Rs 2,047 crore for the quarter ended June 30, 2016. The Noida-based firm had posted a net profit of Rs 1,783 crore in the corresponding quarter of the last fiscal.

Reacting to the good numbers, shares of the company opened on a strong note at Rs 869, registering a rise of 8.54 per cent over its previous closing price.

Similar movement was seen on the National Stock Exchange as well, where the stock opened at Rs 857.00, and then jumped 7.21 per cent in morning trade to touch Rs 858.

The uptick in the counter assumes significance as the broader market was trading in the negative territory. 

Market analysts attributed the strong rise in the counter as a knee jerk reaction to the good numbers.

Its revenues for the reported quarter were up 15.9 per cent to Rs 11,336 crore, from Rs 9,777 crore in the year-ago period, as per the US GAAP accounting norms.

For 2016-17, the company expects its revenue to grow 12- 14 per cent without fluctuations in currencies.