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HCL Tech to raise wages by up to 10%: CEO

HCL Tech to raise wages by up to 10%: CEO
PTI
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First Published: Wed, Oct 28 2009. 12 31 PM IST
Updated: Wed, Oct 28 2009. 12 31 PM IST
New Delhi: HCL Technologies Ltd plans to raise wages by up to 10% effective 1 October, which will shave off 130 basis points from the company’s operating margins for the next two quarters, an official said on Wednesday.
Pricing pressure has also abated, chief executive officer Vineet Nayyar told reporters at a news conference after the software services firm reported a 10% fall in quarterly profit.
HCL, India’s fifth-largest IT firm, said September quarter profit fell to Rs3.2 billion under US accounting rules, hit by losses on forex hedges. Revenue rose 29% to Rs30.31 billion.
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First Published: Wed, Oct 28 2009. 12 31 PM IST