October 24, 2018 / 4:35 AM / a month ago

BUZZ-India's HCL Tech jumps on Q2 profit beat

** Shares of software services exporter HCL Technologies Ltd rose as much as 4.1 pct to 990.55 rupees, their sharpest intraday gain since April 23, before erasing some gains

** Co posted a better-than-expected 14.8 pct rise in Q2 net profit on Tuesday, helped by higher revenue from its software services business

** “Both FY19 growth and margin guidances were maintained, though management exuded greater confidence in achieving the mid-point, implying better YoY growth in H2 and slightly higher organic contribution,” Jefferies said in a note

“...organic growth is now expected to outpace M&A in FY19,” CLSA Research said

** The Nifty IT index, however, fell as much as 1.3 pct to its lowest since June 25, as the Indian rupee strengthened to a 3-week high

** The rupee was aided by a sharp fall in global crude oil prices overnight, while expected gains in local shares also helped sentiment

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