Can Indian IT make the most of the AI age?
For more than two decades, India's information technology industry built something genuinely admirable: a world class services engine that became the back office of the global economy.
Shares of HCL Tech rallied over 2 per cent on the BSE on Friday, hours after the company posted a 31.7 per cent rise in consolidated net profit for the June quarter.
HCL stock gained 2.5 per cent to hit day’s high of Rs 643.90, but at 1.40 pm it was trading at Rs 632.70, up by 0.80 per cent.
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At the NSE, it was trading 0.77 per cent higher at Rs 632.60. Earlier it had touched day’s high at Rs 644.65 and a low of Rs 613.40.
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Earlier in the day, HCL Technologies posted 31.7 per cent rise in consolidated net profit at Rs 2,925 crore for the June quarter, and announced that Shiv Nadar’s daughter, Roshni Nadar Malhotra, will be replacing her father as the company’s chairperson with immediate effect.
The IT major had registered a net profit of Rs 2,220 crore in the April-June 2019 quarter (as per US GAAP), HCL Technologies said in a regulatory filing.
Its revenue grew 8.6 per cent to Rs 17,841 crore in the quarter under review, from Rs 16,425 crore in the corresponding quarter last year.
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