HCL Tech: Shiv Nadar steps down as Chairman, daughter Roshni Nadar Malhotra climbs the ladder

The IT Major in a statement said that Shiv Nadar has stepped down from the Chairman position at HCL Technologies. Further, his daughter, Roshni Nadar Malhotra, will succeed him with immediate effect.

Along with that statement, the IT firm HCL Technologies on Friday posted 31.7% rise in consolidated net profit at ₹2,925 crores for the June 2020 quarter. Its revenue grew 8.6% to ₹17,841 crores in the quarter under review. This is from ₹16,425 crores in the corresponding quarter last year.

Roshni Nadar Malhotra as new HCL Tech Chairman

The statement added that Shiv Nadar will continue to be the managing Director with designation as the chief strategy officer. It read that the Board of Directors has appointed Roshni Nadar Malhotra, Non-Executive Director as Chairperson of Board and company with effect from Friday in place of her father, Shiv Nadar.

”...Shiv Nadar, who expressed his desire to step down from the position of Chairman. Mr Nadar would continue to be MD of Company with designation as Chief Strategy Officer,” the filing also said.

Corporate actions can often hold a lot of cues not just about how a business is doing but also how the stock is going to perform in the near term. There are corporate actions that often bring material changes to a company, directly affecting stakeholders. Let's see how this change brings in the stock market.