HCL Tech Shares Gain Over 2% On Jump In Q1 Net Profit, Appointment Of New Chairperson

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HCL Tech Shares Gain Over 2% On Jump In Q1 Net Profit, Appointment Of New Chairperson

Roshni Nadar Malhotra would replace her father, Shiv Nadar, as chairperson of the company.

HCL Technologies shares gained more than 2 per cent on the BSE on the back of a 32 per cent jump in net profit and the appointment of Roshni Nadar Malhotra as the new chairman of the company in place of her father, Shiv Nadar. The shares of HCL Tech gained 2.5 per cent at the highs of the day to Rs 643.90. At 12:20 pm, the shares were trading at Rs 634, up 1 per cent, on the BSE.

HCL Technologies, India’s third-largest software exporter, reported a 31.70 per cent year-on-year (YoY) rise in net profit at Rs 2,925 crore for the quarter ended June 30, compared to net profit of Rs 2,220 crore in the corresponding quarter last year. The consolidated revenue of the company increased 8.60 per cent YoY to Rs 17,841 crore during the quarter under review.

In a regulatory filing, HCL Tech announced the appointment of Roshni Nadar Malhotra as chairperson with immediate effect. Her father and HCL founder Shiv Nadar will step down as chairman, but will continue as the Managing Director and Chief Strategy Officer of the company. Roshni Nadar grew up in Delhi and has a Masters degree in Business Administration from Kellogg School of Management, USA.

The BSE Sensex was quoting at 36,684, higher by 214.75 points or 0.6 per cent and the NSE Nifty was at 10,814.50, up 73 points or 0.6 per cent at the time.

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