HCL Technologies slumped 7.82% to Rs 220.35 at 11:32 IST on BSE after the company said on Friday, 11 July 2008, it may incur forex losses between $65-75 million in Q4 June 2008, owing to a sharp fall in rupee against the dollar.
The company announced this after market hours on Friday, 11 July 2008.
Meanwhile, the BSE Sensex was down 71.46 points, or 0.52%, at 13,399.54.
On BSE, 1.99 lakh shares were traded in the counter. The scrip had an average daily volume of 2.46 lakh shares in the past one quarter.
The stock hit a high of Rs 229 and a low of Rs 206 so far during the day. The stock had a 52-week high of Rs 345 on 12 July 2007 and a 52-week low of Rs 180 on 22 January 2008.
The scrip had underperformed the market over the past one month till 11 July 2008, declining 17.85% compared to the Sensex’s 11.67% decline. It had, however outperformed the market in the past one quarter, rising 3.84% compared to Sensex’s 14.79% fall.
The mid-cap scrip has an equity capital of Rs 133.27 crore. Face value per share is Rs 2.
The current price of Rs 220.35 discounts its Q3 March 2008 annualised EPS of Rs 15.82, by a PE multiple of 13.9.
The company had hedged $2.5 billion as of March 2008, but unwound its position reducing its exposure to $1.7 billion as on 30 June 2008. The unwinding of $ 540 million resulted in a cash loss of $ 9 million. Incidentally, for the financial year ended 30 June 2007, HCL Tech had recorded, a forex gain of $79.2 million (around Rs 340 crore).
HCL Technologies’ net profit fell 1.45% to Rs 263.08 crore on 12.96% increase in net sales to Rs 1275.58 crore in Q3 March 2008 over Q2 December 2007.
HCL Technologies is a global technology and software services company offering software services, business process outsourcing services and infrastructure management services.