Brokerages Bullish on HCL Tech after Q4 results
Brokerages Bullish on HCL:
Many brokerages maintained a bullish view of HCL Technologies as consolidated net income beats the forecasts of the organization on the markets in the March quarter.
The Company posted a net income of Rs 3,154 crore, up 22.8% from year-on-year level, and consecutively up 3.8%.
“HCLT’s strong growth in sales 0.8% quarterly and 13.5% Year-on-Year. An increased EBIT margin, leading to sequential absolute cost decreases, “Kotak Institutional said, rising profit estimates by 6-8% and target price up to Rs 570.
HCLT happy with the performance, expansion of digital competence, and flow of big and medium deal win, “Kotak said.
The update of Jefferies target price from Rs 480 from Rs 510 and Morgan Stanley increased the target price from Rs 460 from Rs 480. The target price of Nomura boosted from Rs 570 to Rs 590. At the same time, few brokerages have cut target rates following the result.
Meanwhile, Haitong Securities lowered its FY22 revenue forecast of Rs 660 by 13.9-17% to a low demand environment, which reduced the target price to Rs 600. Macquarie’s forecasts reduced by 13–16% and target prices reduced by 13% to Rs 633.
HCLT entered the FY21 with a good order book, though the environment of short-term demand remains challenging.
Stock Market on May 8th:
On the fifth day of the week, the stock market traded with the bullish trend. The Sensex traded with a gain of 199.32 points reached 31,642.70 level with 0.63% up. Whereas, Nifty traded with a gain of 52.45 points reached 9,251.50 level with 0.57% up.
In the border market, the S&P BSE Midcap traded with a gain of 4.13 points reached 11,423.81 with 0.036% up. Whereas, S&P BSE SmallCap traded with a loss of 48.05 points reached 10,638.70 with 0.45% down. At the same time, Nifty bank traded with a loss of 138.90 points reached 19,352.90 with 0.71% down.
Top Gainers: Hindustan Unilever, Sun Pharmaceutical Industries, Dr.Reddy’s Laboratories, Tech Mahindra, and Nestle India Limited.
Top Losers: NTPC, Mahindra & Mahindra, Axis Bank, Indusind Bank, and JSW Steel Limited.