HCL Technologies shares erase early gains; close nearly 1 pc lower

In early trade, shares of HCL Technologies rose nearly 3 per cent after the company posted a 31.7 per cent rise in consolidated net profit for the June 2020 quarter. The stock, which gained 2.58 per cent to Rs 643.90 on the BSE during the day, later came under fag-end selling pressure and closed at Rs 623.45, down 0.67 per cent.

Shares of HCL Technologies on Friday erased all its early gains and closed the day nearly 1 per cent lower on profit-booking. In early trade, shares of HCL Technologies rose nearly 3 per cent after the company posted a 31.7 per cent rise in consolidated net profit for the June 2020 quarter.

The stock, which gained 2.58 per cent to Rs 643.90 on the BSE during the day, later came under fag-end selling pressure and closed at Rs 623.45, down 0.67 per cent. On the NSE, it closed at Rs 624.70, down 0.48 per cent after rising 2.69 per cent to Rs 644.65 during the day.

In traded volume terms, 7.49 lakh shares were traded on the BSE and 2.68 crore units on the NSE during the day. IT firm HCL Technologies on Friday posted a 31.7 per cent rise in consolidated net profit at Rs 2,925 crore for the June 2020 quarter, and said Shiv Nadar has stepped down from the Chairman's role.

Nadar's daughter, Roshni Nadar Malhotra, will succeed him with immediate effect. The IT major had registered a net profit of Rs 2,220 crore in the April-June 2019 quarter (as per US GAAP), HCL Technologies said in a regulatory filing.

Its revenue grew 8.6 per cent to Rs 17,841 crore in the quarter under review, from Rs 16,425 crore in the corresponding quarter last year..