New Delhi, Oct. 16 -- HCL Technologies Ltd did pretty well in the second quarter like some of its larger peers in the IT industry. Revenues increased by 4.5% sequentially in constant currency and were ahead of the Street. But the firm's stock price dipped about 3% post the announcement as some of these expectations appear to have been built-in into the stock price. The stock had increased by about 38% over its pre-covid highs, and about 106% higher over March lows.

HCL Tech's 6.4% sequential increase in revenues also compares well with peers. The recovery in IT spends and deliveries is visible with all its verticals doing well. Its main vertical of IT and business services grew 4.9% sequentially, which is encouraging given the circumstan...