HCL Tech Tanks Nearly 5% on March Qtr Dollar Revenue Concerns

By Super
Subscribe to GoodReturns
For Quick Alerts
Subscribe Now  
For Quick Alerts
For Daily Alerts

    Mumbai, Apr 1 (PTI) Shares of HCL Technologies today fell by nearly 5 per cent after the company said its dollar revenue for the March quarter will see an "adverse impact" of 2.8 per cent on strengthening of the greenback against global rivals.

    Reacting to this, shares of the country's fourth largest software services firm declined by 4.55 per cent to Rs 935 on the BSE. On the NSE, the stock fell by 4.63 per cent to Rs 935.

    HCL Tech Tanks Nearly 5% on March Qtr Dollar Revenue Concerns
    HCL Technologies: Quotes, News
    BSE 954.80BSE Quote16.65 (1.74%)
    NSE 954.70NSE Quote16.45 (1.72%)

    The company said its EBIT (operating earnings) is also expected to be negatively affected by 80 basis points. During this quarter, the US dollar continued to strengthen against almost all global currencies, HCL Technologies had said in a statement yesterday.

    "Since the company's revenues are derived in multiple currencies and significant costs are incurred in Indian rupee, the revenue and EBIT for the quarter to be reported in dollar, would have adverse impact of about 280 bps and about 80 bps, respectively," it added.


    Read more about: hcl tech dollar
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more