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Shares in HCL Technologies rose as much as 4.5 per cent on a 43 per cent on-year rise in Oct-Dec net profit of the company led by higher-than-expected margins,up 140 bps vs. our expectation of 100 bps to 15.3 per cent after deducting ESOP charges,JP Morgan said dealers said.
Margin performance was impressive for the quarter,gross margins increased 150 bps despite partial salary hikes during the quarter,while EBIT margins were in a note.
The investment banker has an overweight rating on the stock on reasonable valuations,and margin improvement.
At 10.53 a.m,the stock was up 3.99 per cent at 422.10 rupees.
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