Shares of this IT giant jumped around 4 percent in Thursday’s trading session after it was selected by the Australian Government to transform the passenger experience with digital technologies. The shares have delivered more than 25 percent returns to its shareholders on a YTD basis.
With a market capitalisation of Rs. 3,83,712 crores, The shares of HCL Technologies Ltd started Thursday’s trading session on a higher note at Rs. 1,391 compared to Rs. 1,369.20. The shares hit a high of Rs. 1,419.25, gaining around 4 percent, which is also recorded as the company’s fresh 52-week high and currently trading at around 1,413.75 apiece.
Since early morning deals the IT stocks have been in a bull trend as on December 14, the Fed’s latest policy outcome triggered a global rally in the Indian equity benchmarks to new heights, the Nifty IT index jumped to an eight-month high of 34,140 mark.
Such a bullish movement in the price was observed after the company in an exchange filing mentioned that they had been selected to automate the concession entitlement process for public transport users by the Department of Transport and Planning in Victoria, Australia. More than 65 million trips are taken on this public network, where 35 percent of these are taken by concession card holders.
For this, HCL Technologies will develop and support a Concession Entitlement Validation platform (CEVP) for the department and they will deploy digital workflow orchestration solutions and leverage agile development approaches to roll out the CEVP across Victoria. In addition, the company will also provide maintenance and customer centre support as well as training for the Department of Transport and Planning employees.
Having a look at the latest financial statements published by the company, the revenues as well as net profits have shown positive movements.
The revenue increased marginally by 1.5 percent from Rs. 26,296 crores in the June quarter to Rs. 26,672 crores during the September quarter. In addition, the net profits increased approximately by 9 percent from Rs. 3,531 crores to Rs. 3,833 crores during the same timeframe.
HCL Technologies Ltd gets revenue from multiple sources mainly through IT and Business services making around 74.6 percent contributing to the company’s revenue, 16 percent from engineering and R&D services and the remaining 9.9 percent from their software.
Headquartered in New Delhi, HCL Technologies Ltd was incorporated in 1991. It is a leading global IT services company, that offers an integrated portfolio of services including software-led IT solutions, remote infrastructure management, engineering and R&D services and BPO.
Written By Vaibhav Patil
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