HCL Technologies share price falls over 4% post Q2 result; stock plunges 10% in two days

HCL Technologies share price fell 4.4 per cent to Rs 821 apiece on BSE after the IT company announced July-September quarter results. HCL Tech Q2 net profit came at Rs 3,142 crore in July-September quarter, rising 18.5 per cent. The company had posted a net profit of Rs 2,651 crore in the corresponding period of the last year. While, sequentially, net profit rose 7.4 per cent. The revenue of the company stood at Rs 18,594 crore. The company has also declared an interim dividend of Rs 4 per equity share of Rs 2 each for FY21. “HCL Tech result is on the expected line. But the current tech rally has discounted a major chunk of the IT results,” Vishal Wagh, Head of Research, Bonanza Portfolio Ltd, told Financial Express Online.

This is the key reason due to which stocks are correcting post declaration of results. “Going forward, Hcl Tech will find support at 780 level and resistance will be just near to 900 levels. The stock is likely to see consolidation in this range,” Wagh added.