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HCL Tech drops over 5 pct

January 25, 2010

MARKETS-SOUTHASIA-STOCKS/

Shares in Software services firm HCL Technologies dropped on Monday as the company missed forecasts with quarterly profit dragged down a fifth by declining other income, forex losses and higher costs.

The counter ended 5.6 percent lower at 361.15 rupees with volumes of 0.3 million shares.

The BSE IT Index ended 1.3 percent lower. The fall in the index was led mainly by Tech Mahindra, which dropped 7.3 percent, Patni Computer, which was down 3.4 percent, and Financial Technologies which ended 3.02 percent lower.

Shares in HCL, which the market values at over $5.5 billion, had climbed 9.3 percent in the December quarter, underperforming the sector’s 13.5 percent increase.

Would you invest in IT stocks at this stage?

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