HCL Tech shares tops charts

MUMBAI: Shares of Delhi-based software services major HCL Technologies extended its winning run at the bourses, to hit a 52-week high of Rs 200.45 at the Bombay Stock Exchange (BSE) today. The scrip has run up Rs 31.55 or 18.81 per cent in a week`s time.






The stock was quoting at Rs 199.25, up 5.15 per cent at the BSE on volumes of around 8.4 lakh shares.





Analysts say that the present upsides are on the back of overall growth in telecom sector worldwide. The company, which has domain knowledge in telecom service providers, is expected to gain from growth in the sector.





The market will keep a close eye on the company`s results for the year ended June 30, 2003, which is scheduled to be announced on September 12, 2003, and also at the guidance for the current financial year. In case the guidance or earnings do not match market expectations, the stock could come in for major downsides.





The company witnessed a 11 per cent dip in net profit to Rs 89.42 crore for the third quarter ended March 31, 2003 compared to a net profit of Rs 101.38 crore for the third quarter ended March 31, 2002.





Total income of the IT major, however, increased from Rs 218.05 crore in the March 2002 quarter to Rs 249.24 crore in the quarter ended March 31, 2003.

Source: IRIS