HCL Technologies shares dive 3% after Q1 earnings

Shares of HCL Technologies on Tuesday dipped 3 per cent after the corporate’s June 2021 quarter earnings didn’t enthuse buyers.
The inventory went decrease by 3 per cent to Rs 969.50 on the BSE.
At the NSE, it dipped 3 per cent to Rs 969.35.
IT providers main HCL Technologies on Monday posted a 9.9 per cent rise in consolidated web revenue to Rs 3,214 crore for the June 2021 quarter, and exuded confidence in logging double-digit fixed foreign money development in FY22 on the again of sturdy deal pipeline.
Also, Shiv Nadar, a pioneer within the Indian IT sector, has stepped down because the managing director and board member of the corporate, a 12 months after handing over the reins of the IT main to his daughter, Roshni Nadar Malhotra.
C Vijayakumar, president and CEO of the corporate, will tackle the function of managing director with a title of CEO and MD for a time period of 5 years with impact from July 20.
The Noida-headquartered firm had registered a web revenue of Rs 2,925 crore within the April-June 2020 quarter (as per US GAAP). Its income grew 12.5 per cent to Rs 20,068 crore within the quarter underneath overview, from Rs 17,841 crore within the year-ago interval.
HCL Technologies introduced its numbers after the shut of market hours.
Sanjeev Hota, head (analysis) at Sharekhan by BNP Paribas, mentioned HCL Tech reported below-than-expected income development and working profitability, whereas web revenue remained in-line with its expectation on the again of decrease tax provisions.