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HCL Tech shares down over 3% on weak quarterly outlook

By PTI
23 December, 2014

Shares of HCL Technologies today slipped over 3 per cent after the company said its revenues for the October-December quarter might get adversely impacted due to US dollar appreciation against various currencies.

Shares of the country’s fourth largest software services firm fell by 3.20 per cent to settle at Rs 1,536.10 on the BSE. In intra-day trade, it had lost 4 per cent to Rs 1,523.

At the NSE, the stock plunged 3.12 per cent to close at Rs 1,539.

In a pre-quarter earnings briefing to investors and analysts, HCL said the US dollar has continued to strengthen against almost all global currencies like British Pound, Euro and Australian dollar during the current quarter.

“Since the company’s revenues are derived in multiple currencies, the revenues for the quarter to be reported in US Dollar would have adverse impact of about 210 basis points on account of strengthening of US Dollar against various global currencies,” the company said.

This impact has been computed using the exchange rate as on December 18, 2014, it added.


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HCL Tech shares down over 3% on weak quarterly outlook

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