Stock market dragged lower by sell-off in IT; Sensex down over 1,000 points
At the close, the Sensex settled 1,068.74 points, or 1.28 per cent, lower at 82,225.92, while the broader Nifty ended at 25,424.65, down 288.35 points, or 1.12 per cent.
IT major HCL Technologies on Friday reported a 31.7 per cent rise in consolidated net profit to Rs 2,925 crore for June quarter. The company had registered a net profit of Rs 2,220 crore in the same quarter last year.
Company’s consolidated revenue grew 8.6 per cent year-on-year to Rs 17,841 crore in the June quarter. In 2019, the revenue stood at Rs 16,425 crore for the quarter under review.
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The earnings before interest, taxes, depreciation, and amortization grew 34.30 per cent To Rs 4,566 crore during April-June period against Rs 3,401 crore in the same period last year.
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In constant currency terms, HCL Tech’s revenue in June 2020 quarter grew 1 per cent year-on-year.
HCL Technologies expects its revenue to increase quarter-on-quarter by an average of 1.5-2.5 per cent in constant currency for the next three quarters, it added.
HCL Technologies has announced a dividend of Rs 2 per share.
At the end of June 2020 quarter, HCL had 150,287 employees with gross addition of 7,005 people. Its attrition for IT services (on last 12 month basis) was at 14.6 per cent.
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