HCL Technologies to incur more MTM loss on forex hedge in Jul-Sep
Monday, Sep 15
MUMBAI - HCL Technologies Ltd expects further mark-to-market
losses on its
foreign exchange hedge during Jul-Sep, Anil Chanana, executive vice-
president,
finance, said at the sidelines of an analyst meet today.
The company booked a $69.7 mln loss on its forex hedge in Apr-Jun.
As on Jun 30, the company had a foreign exchange cover of around
$1.9 bln,
of which $500 mln-$600 mln was subject to mark-to-market on the profit
and loss
account statement, he said.
HCL Technologies is not taking any fresh positions at the moment
due to the
rupee's volatility against the dollar, he added.
Earlier today, rupee touched a low of 46 per $1.
Shares of HCL Technologies today ended at 213 rupees on the
National Stock
Exchange, down 7% from close Friday. End
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