The broking firm expects the robust performance in HCL’s services business to continue. Strong headcount additions and deal wins also reflect the management’s confidence on a sustainable growth momentum, it said.
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var titStr=”;var editw=”; var typevar=”; var pparr= new Array(‘Monitoring your investments regularly is important.’,’Add your transaction details to monitor your stock`s performance.’,’You can also track your Transaction History and Capital Gains.’); var phead =’Why add to Portfolio?’; if(secglbVar ==1) { var stkdtxt=’this stock’; var fltxt=’ it ‘; typevar =’Stock ‘; if(lastRsrs.length>1){ stkdtxt=’these stocks’; typevar =’Stocks ‘;fltxt=’ them ‘; } } //var popretStr =lvPOPRHS(phead,pparr); //$ (‘#poprhsAdd’).html(popretStr); //$ (‘.btmbgnwr’).show(); var tickTxt =’‘; if(typparam1==1) { var modalContent = ‘Watchlist has been updated successfully.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //var existsFlag=$ .inArray(‘added’,newappndStr[1]); //$ (‘#toptitleTXT’).html(tickTxt+typevar+’ to your watchlist’); //if(existsFlag == -1) //{ // if(lastRsrs.length > 1) // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exist in your watchlist’); // else // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exists in your watchlist’); // //} } //$ (‘.accdiv’).html(”); //$ (‘.accdiv’).html(appndStr); } }, //complete:function(d){ // if(typparam1==1) // { // watchlist_popup(‘open’); // } //} }); }); } else { var disNam =’stock’; if($ (‘#impact_option’).html()==’STOCKS’) disNam =’stock’; if($ (‘#impact_option’).html()==’MUTUAL FUNDS’) disNam =’mutual fund’; if($ (‘#impact_option’).html()==’COMMODITIES’) disNam =’commodity’; alert(‘Please select at least one ‘+disNam); } } else { AFTERLOGINCALLBACK = ‘overlayPopup(‘+e+’, ‘+t+’, ‘+n+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function pcSavePort(param,call_pg,dispId) { var adtxt=”; if(readCookie(‘nnmc’)){ if(call_pg == “2”) { pass_sec = 2; } else { pass_sec = 1; } var url = ‘//www.moneycontrol.com/mccode/common/saveWatchlist.php’; $ .ajax({url:url, type:”POST”, //data:{q_f:3,wSec:1,dispid:$ (‘input[name=sc_dispid_port]’).val()}, data:{q_f:3,wSec:pass_sec,dispid:dispId}, dataType:”json”, success:function(d) { //var accStr= ”; //$ .each(d.ac,function(i,v) //{ // accStr+=”+v.nm+”; //}); $ .each(d.data,function(i,v) { if(v.flg == ‘0’) { var modalContent = ‘Scheme added to your portfolio.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //$ (‘#acc_sel_port’).html(accStr); //$ (‘#mcpcp_addportfolio .form_field, .form_btn’).removeClass(‘disabled’); //$ (‘#mcpcp_addportfolio .form_field input, .form_field select, .form_btn input’).attr(‘disabled’, false); // //if(call_pg == “2”) //{ // adtxt =’ Scheme added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //else //{ // adtxt =’ Stock added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //$ (‘#mcpcp_addprof_info’).css(‘background-color’,’#eeffc8′); //$ (‘#mcpcp_addprof_info’).html(adtxt); //$ (‘#mcpcp_addprof_info’).show(); 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Motilal Oswal retained its ‘buy’ recommendation on the HCL Technologies stock, with a target of Rs 1,430, an upside of over 27 percent from the current market price.
The domestic research and broking firm expects the robust performance in HCL’s services business to continue as the demand environment remains favourable. It has drawn comfort from the management commentary on continued growth momentum in IT services.
“Sustainable demand momentum for Cloud and Digital Engineering benefits HCL Tech,” Motilal Oswal said. “Strong headcount additions and deal wins reflect the management’s confidence on a sustainable growth momentum. We continue to see potential in the company’s Products and Platforms business.”
HCL Technologies shares traded at Rs 1,123.95, down Rs 29.45, or 2.55 percent at 13:40 hours. It has touched an intraday high of Rs 1,155 and an intraday low of Rs 1,113.85.
The scrip was trading with volumes of 280,042 shares, compared to its five day average of 116,008 shares, an increase of 141.40 percent.
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India’s top IT companies reported one of their best quarters in the three months ended September and are on track to register double-digit growth for the year as demand for digital services continues to rise. The pipeline for contracts was strong in the quarter, although mega-deals were missing.
HCL Technologies won contracts valued at $ 2.3 billion. The bulk of the deal pipeline was in the range of $ 50 million to $ 200 million, HCL Tech CEO C Vijayakumar said on an earnings call in October.
On a combined basis, Motilal Oswal said HCL Tech should deliver dollar revenue growth of 13.1 percent over FY21-23E. The EBIT (earnings before interest and taxes) margin should stabilise at 20 percent in FY23E, which should help it deliver 14.3 percent PAT (profit after tax) CAGR (compound annual growth rate) over FY21-23E.
Motilal Oswal maintained its ‘buy’ rating on the HCL stock, expecting traction in the services business in H2 FY22E and FY23E.
The tech company said on November 16 it signed a multi-year application deal with Euroclear Group to improve its digital capabilities. HCL will work with Euroclear, the world’s largest provider of domestic and cross-border settlement and related services for bond, equity and fund transactions, to explore new business models and market opportunities to create value through innovation and data monetisation. HCL will modernise Euroclear’s digital channel landscape, HCL Tech said in an exchange filing.
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