Shares of HCL Tech today surged as much as 7.5% to a record high of 776.55 after the IT major raised its outlook for the September quarter in a mid-quarter update. HCL Tech today said it expects "the revenue and the operating margin for the current quarter (September 2020) to be meaningfully better than the top end of the guidance we had provided in July 2020."

"We have seen strong execution during the quarter to date, and continue to execute to the plan this month. The revenue growth for the current quarter is expected to exceed 3.5% quarter on quarter in constant currency, enabled by broad based momentum across all service lines, verticals and geographies, the IT company said.

News | RII Implementation Service by HCL Technologies now Available on  Microsoft Azure Marketplace

HCL Tech said that the EBIT% for the current quarter is expected to be between 20.5% and 21.0%. "Good booking momentum continues this quarter, led by Life Sciences & Healthcare, Telecom & Media and Financial Services verticals," HCL Tech said, adding that the pipeline continues to look healthy across service lines, verticals and geographies.

The NSE Nifty 50 index climbed 0.74% to 11,550 and the benchmark S&P BSE Sensex 0.83% to 39,173.09, both heading for their third straight session of gains.