Stock Of IT Major HCL Tech Rallies 2% Before Q2 Financials Today: 3rd Dividend Announcement

IT major HCL Technologies is set to publish its Q2 FY23 financials later today. Ahead of the report, the share price of HCL surged around 2%. As the day-high, the stock hit Rs. 963.90 a piece. Today, HCL's management will announce its 3rd interim dividend for FY23, on October 12. The record date of the 3rd interim dividend has been fixed to be on October 20.

Already the company has paid a 1st interim dividend of Rs. 18/share, and a 2nd interim dividend of Rs. 10/share for FY23. Hence, till March 30, the company has paid a total dividend of Rs. 42/share. At a time, when IT stocks are struggling due to economic uncertainties in the US, HCL Tech is trying to attract investors with a good dividend payout.

HCL Tech - stock performance

In the last 5 days, HCL Technologies share price fell by 1.40%. In the past 6 months it has fallen 15.97%. In the last 1 year its share price has fallen by 23.99% a piece. However, in the last 5 years its share price surged by 105.17%, making it a multibagger stock. It is a large-cap IT stock with a market capitalization of Rs. 257,920 crore.

The 52-week high level of this stock is Rs. 1,359.40, and the 52-week low level of this stock is Rs. 877.35.

Market capitalization	Current market price	6 Months Downside	1 Year Downside
Rs. 257,920 crore	Rs. 950.45	15.97%	23.99%

HCL Technologies earlier reported its consolidated net profit to be at Rs. 3,283 crore in Q1 FY23, showing an 8.6% QoQ drop, but gained 2.4% YoY growth. Additionally, its consolidated revenue gained 16.9% YoY and 3.8% QoQ in Q1. However, about its growth prospects of Q2, Kotak Institutional Equities stated, "HCL Tech is dependent on large deals for growth. So, we will be watching out for deal activity in the market. Trends in the ER&D business is also important to track as the segment is discretionary-heavy and prone to cuts in a slowdown,"

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