HCL Technologies became the fourth Indian IT firm to reach Rs. 3.3 trillion market capitalization. HCL Tech achieved this milestone after Tata Consultancy Services (TCS), Infosys, and Wipro, Business Standard reported.
On Friday, HCL touched a record high of Rs 1,118.55 on BSE. According to Business Standard, at 11.03 am, HCL was ranked 13th on the overall market cap ranking. In the quarter ended in June, HCL reported its revenue to be Rs. 20,068 crores, a 2.2% increase in its quarter-on-quarter (QoQ) revenue. Net income was reported to be Rs. 3,214 crores, up by 8.5% QoQ.
As reported by Business Standard, in the past one month, HCL’s stock prices increased by 15% while S&P BSE Sensex of the company was up by 4.6 per cent.
Abdul Karim, an analyst at HDFC Securities told Business Standard, “HCL Tech has a strong presence in data science and engineering. Further, taking into consideration the opportunities in cloud consumption, cybersecurity, automation, app modernisation, we remain optimistic on HCL Tech’s revenue and margin trajectory as well as cost rationalisation efforts going forward.”
HCL is the third-largest Indian IT firm after TCS and Infosys. According to Business Standard, the company has a strong globally diversified presence and provides comprehensive IT services to an established customer base.