HCL Technologies share price jumps over 2% after Q2 results

Hello friends, In this article we will talk about the HCL Technologies share. HCL Technologies Limited is an Indian international information technology (IT) services and consulting company headquartered in Noida. The founder of the company is Shiv Nadar. It appeared as an independent company in 1991 when HCL joined into the software services business. On Friday the HCL Technologies share cost rebounded more than 2% in the earlier trade after the firm reported its earnings for the second quarter of FY24. Now many people are super curious to know about the whole information about the news. We have more information about the news and will share it with you in this article.

HCL Technologies

The stock increased as much as 2.77% to ₹1,258.00 apiece on the BSE.HCL Technologies, the third biggest IT services company in India, informed 8.55% QoQ expansion in Q2FY24 net profit at ₹3,833 crore. Its consolidated income for the quarter grew 1.4% QoQ to ₹26,672 crore. In constant money(CC) terms, the revenue rose 1%QoQ. The IT major cut its organic revenue development guidance in CC terms for FY24 to 4-5% from 6-8% earlier. The company also announced an interim dividend of ₹12 each equity share of ₹2 each for fiscal 2023-24. Scroll down to the next page for more information about the news.

Here’s what brokerages have to state on HCL Technologies Q2 results and stock.

Morgan Stanley – Morgan Stanley stated the cut in revenue guidance by HCL Tech was negative but extremely expected. Investors’ key focus would be on the company’s ability to deliver a better H2 as corresponded to the muted outlook shared by peers. Despite cutting estimates, the brokerage expects HCL Tech’s income and EBIT increase in FY24 to be better than larger peers. It has a heavy call on the stock and cut the target cost to ₹1,400 per share from ₹1,450 earlier.

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Kotak Institutional Equities – Kotak Institutional Equities, HCL Technologies declared muted albeit in-line revenue growth. Its EBIT margin was importantly ahead of its estimate. On expected lines, HCLT cut FY2024E organic revenue growth guidance to 4-5% from 6-8%. Even the fixed direction appears aggressive at the upper end of the band. It expects HCL Tech to be the heir of vendor consolidation endeavours and cost optimisation deals. The stock with an unchanged target cost of ₹1,410 per share. Here we have shared all the information that we had if we get any information then we will update you soon. Stay tuned to us for more updates.

Gurleen Kaur

I'm a science graduate from the Ahmadu Bello University, Nigeria. My passion for writing has brought me to into the field of content.