HCL Tech shares turn ex-bonus today1 min read . Updated: 05 Dec 2019, 10:38 AM IST
- HCL Tech had fixed December 7, 2019, as the record date for determining the entitlement of bonus shares the equity shareholders of the company
Shares of HCL Technologies were in focus today as they turned ex-bonus from today. HCL Tech had reported a strong performance in the September quarter and the the IT major had announced a issue of one bonus share for every share held by the shareholders of HCL Technologies. On BSE, HCL Tech shares were today trading flat at ₹563.30.
HCL Tech had fixed December 7, 2019, as the record date for determining the entitlement of bonus shares the equity shareholders of the company.
Noida-based HCL Technologies beat industry estimates when it announced a 19.4% quarter-on-quarter jump in net profit for the July-September quarter. The net profit stood at ₹2,651 crore as compared to ₹2,220 crore in the previous quarter.
In terms of future guidance, the management had raised the revenue guidance to 15.0% to 17.0% in constant currency for financial year ending 2020 from 14-16%.
Commenting on the overall second quarter performance of the IT companies, Centrum in a November 19 report said: "Tier I IT Services delivered a mixed performance in 2QFY20. While HCL Tech/Tech M and Infosys outperformed in revenue growth and margin, TCS missed estimates on both revenues and EBIT margin. Wipro delivered a stable performance for the quarter."
"HCL Tech has seen a steady incremental revenue market share led by IBM IP deal revenues," said Centrum, which has a add rating on the stock.