HCL Technologies Ltd, India's No. 4 IT services exporter, beat expectations with a 41.6 percent rise in quarterly profit, after order wins boosted earnings.
HCL Technologies on Tuesday reported a 3.6% increase in net profit at Rs 1,683 crore (Rs 16.83 billion) for the quarter ended March 31, 2015.
Another negative surprise in HCL's numbers was the decline in the margin by 40 basis points to 21.4 per cent.
From the 30 Sensex firms, Bajaj Finance, Reliance Industries, Tata Steel, JSW Steel, Tech Mahindra, Tata Motors, Kotak Mahindra Bank and Maruti were the biggest laggards. Reliance Industries Ltd, India's most valuable company, on Monday reported a 5 per cent fall in the July-September quarter net profit as weak oil refining and petrochemical business hurt operational performance. ICICI Bank, Bharti Airtel, Asian Paints, Adani Ports, UltraTech Cement and HCL Technologies were among the gainers.
The company's total income was up 2.2 per cent to Rs 13,480 crore in the quarter under review from Rs 13,183 crore in the corresponding quarter last year
HCL Technologies has to fine-tune strategies to improve performance in the March quarter.
Arun Duggal, chief financial officer of the Noida-based software services company HCL Technologies, has resigned.
Focussing its attention on technology and, research and development based outsourcing, HCL BPO will open an offshoring centre in Pondicherry in 2006
Growth in Continental Europe will continue. It is expected to grow at around 7 per cent.
The company is in talks with a few private banks and has signed on Citibank as one of the bankers to raise these funds, said sources. HCL Technologies and Citibank declined to comment saying that 'they do not comment on market speculation'.
HCL Great Britain is ranked alongside leading ICT companies such as Tesco and Nokia.
From the Sensex pack, UltraTech Cement, Mahindra & Mahindra, Sun Pharmaceutical, Zomato, Tech Mahindra, Tata Steel, Tata Motors, Titan, ITC and Bajaj Finance were the major gainers. In contrast, Kotak Mahindra Bank, HCL Technologies, PowerGrid, Reliance Industries, State Bank of India, Hindustan Unilever, IndusInd Bank, Nestle India and Axis Bank were among the laggards.
IT firm HCL Technologies on Wednesday posted 78.1 per cent jump in net profit at Rs 884.8 crore (Rs 8.84 billion) for the first quarter ended September 30.
IT services giant HCL Technologies on Wednesday said it is planning to set up a delivery centre in Pune as part of its plans to venture into small towns and cities.
"HCL's employees know that bill tightening has to happen, but in a collaborative manner. There is a trust factor between the employees, the company and the customers and we do not have a pink slip policy. That is why we squeezed utilisation up to 75 per cent and our hiring in the last two quarters has not been much," says Vineet Nayar, CEO, HCL Technologies.
C Vijayakumar, the reticent chief executive of HCL Technologies, India's third-largest IT services firm, was recently appointed managing director, succeeding the founder, Shiv Nadar. Back in October 2016, when CVK, as he is popularly called within and outside of HCL, was named CEO, it had been somewhat of a surprise - his elevation being the result of his predecessor, Anant Gupta, suddenly stepping down to "pursue personal interests". CVK, 53, has since taken the firm from under $7 billion to over $10 billion in revenue.
British consultancy major Axon Group on Thursday decided to go ahead with a pound 441-million acquisition offer from HCL Technologies, while withdrawing its support to a smaller bid from Infosys.
Indian IT major HCL Technologies Ltd has decided to create 250 jobs in Northern Ireland as part of its call centre expansion plan
"We had raised a debt of $585 million for acquiring Axon which is maturing in December 2009. We have a cash position of $412 million. We will pay the debt out of the cash and raise a small debt," HCL Technologies Executive Vice-President (Finance) Anil Chanana said. HCL had acquired Axon for pound 441 million ($678 million) in December last year, funded partly by a short-term loan of $585 million.
Consolidated revenues grew 11.4 per cent at Rs 10,341 crore.
HCL Technologies Ltd and SuperH Inc signed a pact enabling HCL Tech to become a member of the 'SuperH Design Agency' program.
His colleagues rushed him to the All India Institute of Medical Sciences in Nagpur where doctors pronounced him dead upon arrival, he said.
IT services firm HCL Technologies on Thursday reported a 14.4 per cent increase in net profit at Rs 1,926 crore (Rs 19.26 billion) for the quarter ended March.
In the quarter ended March, the company's overall headcount fell by 791 to 84,403.
The company has told its employees that there won't be wage hikes for the financial year ending July 31, 2009, due to tight demand in the US and Europe, declining volumes and the need to further tighten expenses across business divisions. In a harsher step, the company has slashed retainer bonus, which averages 10 per cent of an employee's salary, from April 1. Travel allowance has been sharply reduced, if not curbed, in most cases.
From the Sensex pack, Infosys, Tech Mahindra, Nestle India, Tata Consultancy Services, HCL Technologies, Asian Paints, Axis Bank, Zomato, Hindustan Unilever, and Bharti Airtel were among the laggards. On the other hand, IndusInd Bank, Tata Motors, Kotak Mahindra Bank, Bajaj Finance, HDFC Bank, ITC, Sun Pharma, Bajaj Finserv and UltraTech Cement were the gainers.
India now has 284 billionaires, 13 more than last year, maintaining its position as the third-largest dollar-billionaire hub globally, after the US and China.
Indian-origin tech companies cornered a fifth of all H-1B visas issued by the US with Infosys and Tata Consultancy Services leading the pack, an analysis of data from the US immigration department showed. According to data from the US Citizenship and Immigration Services, in April-September 2024 period, out of the total 1.3 lakh H-1B visas issued to different employers, about 24,766 visas were issued to Indian-origin companies.
IT stocks dropped in morning trade on Monday, with Tech Mahindra tumbling over 6 per cent, amid concerns over the steep hike in US H-1B visa fees. Shares of Tech Mahindra tumbled 6.45 per cent, LTI Mindtree slumped 5.61 per cent, Persistent Systems dropped 5.51 per cent, Hexaware Technologies tanked 5.14 per cent and HCL Tech fell by 4.24 per cent on the BSE.
While TCS and HCL Tech remain the favourites of most analysts, the latter believe there could be more pain left for Infosys' stock.
Among Sensex scrips, Bharti Airtel, Titan, NTPC, State Bank of India, ITC, Tata Steel, Mahindra & Mahindra and Tata Motors were the major laggards. Adani Ports, Infosys, Axis Bank, HCL Technologies, Tech Mahindra and IndusInd Bank were among the gainers.
Consolidated dollar revenue $1,321 million, up 4% q-o-q.
HCLA was selected through a highly competitive process where it demonstrated its managed cloud-as-a-service solution called iGOVERN(r).
India's fifth largest IT outsourcing company HCL Technologies on Tuesday reported 3.5 per cent year-on-year increase in net income in the first quarter ending September to Rs 167.5 crore (Rs 1.67 billion) on a consolidated basis.profit at Rs 89.39 cr
HCL Technologies said on Tuesday it has formed a partnership with Canada-based Celestica to design, make and sell electronic components.
Noida-based software company HCL Technologies will hire 5,000 people for its software operations during the current fiscal apart from recruiting 1,200 people for its call centre operations.
While FY25 attrition rates remained below pre-Covid levels, most companies experienced a 1 to 3 percentage point increase compared to FY24.
Under the alliance, HCL and Eckler will work together on various actuarial consulting and implementation projects across the globe, a company statement said in New Delhi.
Tata Steel and Tata Motors dropped over 10 per cent each. Larsen & Toubro, HCL Technologies, Adani Ports, Tech Mahindra, Infosys, Tata Consultancy Services, Reliance Industries and Mahindra & Mahindra were the other big laggards.
