HCL Tech surges to 13 year high on spectacular results

Stocks

oi-Sunil

By Sunil Fernandes

Updated: Thursday, January 17, 2013, 10:35 [IST]

Shares of HCL Technologies rallied 6 per cent in trade today, following a spectacular set of results. The shares of the company were trading at Rs 713, a level last seen in trading on Feb 20, 2000.

Today's rally in the stock was largely led by a stellar financial performance for Q2 ending December 31, 2012, with revenue at Rs 6,274 crores; up 19.6% YoY & 3.0% sequentially and net income at Rs 965 crores; up 68.5% YoY.

The company surprised on all parameters including revenues, margins and net income. "Calendar 2012 has been an exceptional year for HCL. While the entire Industry saw a very difficult year,HCL fired on all cylinders. Our revenues grew 13%, profits grew 41% and operating margin expanded by 360 bps. I am also very pleased to announce the elevation of Anant Gupta as the President and CEO of HCL Technologies. Vineet Nayar will continue as the Vice Chairman and Joint Managing Director of the company till July 2013 and as Vice Chairman thereafter.", said Shiv Nadar, Chairman and Chief Strategy Officer, HCL Technologies.

The stock is likely to get re-rated and may scale new heights, following a spectacular set of numbers.

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