HCL Tech flies on generous bonus issue
HCL Tech rose 6% to Rs 622, after the company announced a generous 1:1 bonus issue.As many as 2.4 lakh shares changed hands in the counter on BSE.The company’s current equity base is Rs 64.92 crore, the face value per share being Rs 2.
Commenting on the bonus issue, Shiv Nadar, Chairman & CEO said "HCL believes in investor friendly policies. For the last 15 quarters, we have been following a high dividend policy. The current bonus issue is a reaffirmation of the policy of rewarding our shareholders, and this is expected to enhance liquidity of the stock and broaden our investor base."
The average daily volume in the scrip on BSE in the past one year was 1.3 lakh shares. The company, which was listed in January 2000, had earlier announced a 1-for-1 stock-split in December 2000.
The current price of Rs 622 discounts its Q1 September 2006 annualised EPS of Rs 30.90, by a PE multiple of 20.1.
The stock had declined sharply in the recent market fall. From Rs 639.15 on 6 December, it had lost 8.1% in four trading sessions to Rs 587 on 12 December. It gained slightly to Rs 587.55 on 13 December.
Last month, HCL Technologies formed a joint-venture with Canada-based electronics manufacturer, Celestica, to provide complete concept-to-manufacturing solutions. The two companies will provide product concept, design, engineering, manufacturing, fulfilment, sustaining engineering, reverse logistics and after-market services to customers across the telecom, enterprise, consumer, medical, aerospace and semiconductor sectors. The two firms would initially address the medical electronics, consumer electronics and aeronautical sectors.
HCL Technologies announced the launch of Zero Touch Desktop Deployment Solution for Microsoft Windows Vista by the company's infrastructure services division on 1 December 2006. Zero Touch provides a completely automated process to enable enterprises to minimize risk, bring higher visibility and reduce deployment cost by over 40%.
HCL Tech’s consolidated net profit as per US GAAP rose 7% on a sequential basis to Rs 250.20 crore in Q1 September 2006. Sales rose 10% on a sequential basis to Rs 1,379.50 crore.
Commenting on the bonus issue, Shiv Nadar, Chairman & CEO said "HCL believes in investor friendly policies. For the last 15 quarters, we have been following a high dividend policy. The current bonus issue is a reaffirmation of the policy of rewarding our shareholders, and this is expected to enhance liquidity of the stock and broaden our investor base."
The average daily volume in the scrip on BSE in the past one year was 1.3 lakh shares. The company, which was listed in January 2000, had earlier announced a 1-for-1 stock-split in December 2000.
The current price of Rs 622 discounts its Q1 September 2006 annualised EPS of Rs 30.90, by a PE multiple of 20.1.
The stock had declined sharply in the recent market fall. From Rs 639.15 on 6 December, it had lost 8.1% in four trading sessions to Rs 587 on 12 December. It gained slightly to Rs 587.55 on 13 December.
Last month, HCL Technologies formed a joint-venture with Canada-based electronics manufacturer, Celestica, to provide complete concept-to-manufacturing solutions. The two companies will provide product concept, design, engineering, manufacturing, fulfilment, sustaining engineering, reverse logistics and after-market services to customers across the telecom, enterprise, consumer, medical, aerospace and semiconductor sectors. The two firms would initially address the medical electronics, consumer electronics and aeronautical sectors.
HCL Technologies announced the launch of Zero Touch Desktop Deployment Solution for Microsoft Windows Vista by the company's infrastructure services division on 1 December 2006. Zero Touch provides a completely automated process to enable enterprises to minimize risk, bring higher visibility and reduce deployment cost by over 40%.
HCL Tech’s consolidated net profit as per US GAAP rose 7% on a sequential basis to Rs 250.20 crore in Q1 September 2006. Sales rose 10% on a sequential basis to Rs 1,379.50 crore.
posted by SY at 3:00 PM
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