HCL Tech’s market valuation eroded by ₹46,987.11 crore to ₹4,91,743.25 crore during the morning trade.
| Photo Credit: Reuters

Shares of IT company HCL Tech on Tuesday (January 14, 2025) slumped nearly 10% after the company’s December quarter earnings failed to cheer investors.

The stock tanked 9.41% to ₹1,798.40 on the BSE.

At the NSE, it dropped 9.63% to ₹1,797.75.

The stock emerged as the biggest laggard among the BSE Sensex and NSE Nifty firms.

Its market valuation eroded by ₹46,987.11 crore to ₹4,91,743.25 crore during the morning trade.

“HCLT’s 3Q numbers and 4Q guidance were underwhelming,” according to Motilal Oswal Research.

Other IT stock like Tech Mahindra, Infosys and Tata Consultancy Services were also trading lower.

“HCL Tech reported decent revenue growth of 3.8% q-o-q in cc but missed our estimates of 4.8% q-o-q in cc with largely broad performance across geos and verticals,” Shaji Nair, Research Analyst, Capital Market Strategy, Mirae Asset Sharekhan, said.

IT company HCL Tech on Monday reported a 5.54% uptick in consolidated net profit to Rs 4,591 crore for the December quarter as the CEO expressed optimism for improvement in the demand environment and discretionary spending and raised the revenue growth guidance.

The Noida-headquartered firm had reported a profit of ₹4,350 crore in the year-ago period, according to a regulatory filing.

The company raised the lower end of its growth guidance to 4.5-5%, from 3.5-5% earlier.

Revenue from operations for the quarter under review came in at ₹29,890 crore, 5.07% higher than ₹28,446 crore in the third quarter of the current fiscal year.

Sequentially, profit and revenue rose 8.4% and 3.56%, respectively.

According to exchange data, equities worth ₹9,791.93 crore were sold by FIIs on Monday, September 30, 2024, while Domestic Institutional Investors DIIs purchased equities valued at ₹6,645.80 crore. File
| Photo Credit: Reuters

Benchmark indices Sensex and Nifty edged lower on Tuesday (October 1, 2024), extending the losing run to the third day amid profit-taking in oil & gas and select FMCG shares.

The BSE Sensex dipped 33.49 points or 0.04% to settle at 84,266.29. During the day, it hit a high of 84,648.40 and a low of 84,098.94.

The NSE Nifty closed marginally lower by 13.95 points or 0.05% to 25,796.90.

Muted trends in global markets and heavy foreign fund outflows weighed on investor sentiment, analysts said.

From the 30 Sensex firms, IndusInd Bank, Asian Paints, Hindustan Unilever, Tata Motors, Tata Steel, Titan, Reliance Industries and NTPC were among the major laggards.

Tech Mahindra, Mahindra & Mahindra, Kotak Mahindra Bank, Infosys, HCL Technologies and State Bank of India were among the major gainers.

In Asian markets, Tokyo settled higher. South Korea, Hong Kong and mainland Chinese markets are closed for a public holiday on Tuesday (October 1, 2024). Markets in mainland China will be closed for the rest of the week due to holiday.

European markets were trading on a mixed note. The U.S. markets ended in the positive territory on Monday (September 30, 2024).

Foreign Institutional Investors (FIIs) offloaded equities worth ₹9,791.93 crore on Monday (September 30, 2024), while Domestic Institutional Investors (DIIs) bought equities worth ₹6,645.80 crore, according to exchange data.

India’s manufacturing sector growth fell to an eight-month low in September amid softer increase in factory production, sales and new export orders, a monthly survey said on Tuesday (October 1, 2024).

The seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) fell from 57.5 in August to 56.5 in September, registering the weakest pace of growth since January.

In PMI parlance, a print above 50 means expansion, while a score below 50 denotes contraction.

Global oil benchmark Brent crude declined 1.66% to $ 70.51 barrel.

The BSE benchmark tumbled 1,272.07 points or 1.49% to settle at 84,299.78 on Monday (September 30, 2024). During the day, it plunged 1,314.71 points or 1.53% to 84,257.14. The Nifty tanked 368.10 points or 1.41% to 25,810.85.

Image for representational purposes only.
| Photo Credit: The Hindu

Equity benchmark indices climbed in early trade on February 7 amid buying in shares of State Bank of India and Reliance Industries along with firm trends in the U.S. markets.

Fresh foreign fund inflows also added to the positive momentum in equities.

Extending its previous day’s rally, the 30-share BSE Sensex jumped 373.12 points to 72,559.21 in early trade. The Nifty climbed 123.9 points to 22,053.30.

Among the Sensex firms, State Bank of India, Axis Bank, JSW Steel, Tata Steel, Titan, Kotak Mahindra Bank, Bajaj Finance, Bajaj Finserv, Sun Pharma and Reliance Industries were the major gainers.

HCL Technologies, Infosys, Power Grid, Wipro, Tech Mahindra and ICICI Bank were among the laggards.

In Asian markets, Seoul and Shanghai were trading in the positive territory while Tokyo and Hong Kong were quoted in the negative zone.

The U.S. markets ended with gains on February 6.

Foreign Institutional Investors (FIIs) bought equities worth ₹92.52 crore on February 6, according to exchange data.

The BSE benchmark climbed 454.67 points or 0.63% to settle at 72,186.09 on February 6. The Nifty went up by 157.70 points or 0.72% to 21,929.40.

Global oil benchmark Brent crude climbed 0.20% to $78.75 a barrel.