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HCL Tech shares tank 5% post Q3 results; Here’s what brokerages say

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HCL Tech shares tank 5% post Q3 results; Here’s what brokerages say

Shares of HCL Technologies fell 5% on Monday after the tech company reported quarterly earnings. Shares in the company were down 4.6% at Rs 1,276 on the BSE at 9.17am, the biggest drag on the Nifty50.
HCL Tech reported net profit of Rs 3,442 crore, up 5.4% quarter-on-quarter, on revenue of Rs 22,331 crore, up 8.1% quarter-on-quarter. In comparison, CNBC-TV18 posted a net profit of Rs 3,390 crore on revenue of Rs 21,674 crore.
In dollar terms, the IT services company’s revenue ($2.977 billion) increased 6.7% year-over-year and quarter-over-quarter, while constant currency (CC) revenue increased 7.6% quarter-over-quarter and 15% year-over-year.
On a constant currency basis, revenue grew 7.6% sequentially, the highest in the past 12 years, the company said. This came on the back of strong year-over-year double-digit growth across verticals and regions, HCL Technologies added in the press release.
The total contract value of new deals was $2.135 billion, up 64% year over year.
In addition, the company witnessed strong customer additions across all categories and cash generation remained strong.
In terms of guidance, the IT company expects double-digit constant currency revenue growth in the fourth quarter of FY22 and said its EBIT margin will be between 19% and 21% for the rest of the fiscal year.

Complete News Sourec : CNBC TV18

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2 ‘Kala Jatheri gang members’ killed in encounter with F’bad cops in Fatehabad

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2 ‘Kala Jatheri gang members’ killed in encounter with F’bad cops in Fatehabad

According to the police, the encounter took place after at least four suspects tried to help their close aide escape from police custody
The Faridabad police gunned down two members of the Kala Jatheri gang in an encounter near Fatehabad on Friday, officers said. A constable was injured in the gunfight, they added.

According to the police, the encounter took place after at least four suspects tried to help their close aide escape from police custody.

The identity of one of the deceased was not known, while the other was identified as Ravi (single name), who had 28 cases lodged against him in multiple districts.

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Aman Yadav, assistant commissioner of Police (ACP), Faridabad said the incident occurred when the police van stopped near a roadside eatery on the outskirts of Fatehabad while transporting Ravi back to Faridabad jail after a court appearance in an Arms Act case.

“Four armed individuals attacked the police team, firing multiple rounds to facilitate Ravi’s escape. In retaliation, police returned fire, killing Ravi and another suspect on the spot,” Yadav said.

Constable Sarjeet Yadav suffered a gunshot wound to his left forearm. He was rushed to a civic hospital, where his condition is reported to be stable, said police.

Yadav said that Ravi, who had been lodged in Faridabad jail since April 24, 2023, was being transported after attending an appeal hearing at the Fatehabad court. The ambush, allegedly orchestrated by Ravi’s associates, was intended to secure his release from custody. The police’s swift response thwarted the plan.

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Ravi had a long history of violent crimes, including murder, attempted murder, dacoity, robbery, and Arms Act violations. His activities spanned multiple districts, such as Sonipat, Jind, Rohtak, Faridabad, and Delhi. He was a key member of the Kala Jathedi gang, led by the notorious gangster Sandeep alias Kala Jathedi, who is currently in Tihar Jail.

Kala Jathedi himself is implicated in over a dozen cases across Delhi, Haryana, Punjab, Rajasthan, and Uttar Pradesh. In 2020, he famously escaped from Haryana Police custody during a similar ambush orchestrated by his gang.

ACP Yadav confirmed that police teams are actively investigating to identify the remaining attackers involved in the ambush. “We are working to uncover the identities of the other suspects who participated in the operation. Stringent action will be taken against all involved,” Yadav said.

This encounter is part of an ongoing crackdown on organized crime, with authorities aiming to dismantle gangs operating in the region.

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