By Aditya Raghunath
Investing.com -- HCL Technologies (NS:HCLT) closed at Rs 978.1, down 1.18% today as the BSE Sensex and Nifty fell 1.13% and 1.06% respectively. HCL Tech was one of the few stocks in the green until the last hour of trading before falling below last week’s close.
The company reported its numbers for the December quarter on January 15. Consolidated profit was up by 26.7% to Rs 3,982 crore in the quarter compared to Rs 3,142 crore in the September quarter. Consolidated revenue increased by 3.8% QoQ to Rs 19,302 crore compared to Rs 18,594 crore in the previous quarter. The country’s third-largest software services provided raised its revenue guidance for the March quarter of 2021 to 2-3% from a forecast of 1.5%-2.5% earlier.
Analysts have increased their target for HCL Tech after the results. ICICI Direct says that the company is in a good position to capture growth in the cloud-related services space. It has given HCL Tech a target of Rs 1,150. That’s an upside of 17.5%.
Dolat Capital has raised its target to Rs 1,140 from its earlier one of Rs 900. It said, “We believe HCL Tech and other Tier-I IT companies would continue to deliver strong revenue momentum over the next 5-6 quarters.”Motilal Oswal (NS:MOFS) has given it a target of Rs 1,300, an upside of almost 33%.