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Brokers remain positive on HCL Technologies after the Noida-based company posted solid results for the quarter ended December 31, 2018.
The company's shares grew 4.7% on BSE at the start of trading.
HCL Technologies reported third-quarter net profit of Rp 2,611 crores, up 19% from the same period last year.
Revenues also jumped 22.6% year-over-year to 15,699 crore. On a constant currency basis, revenues were up 13% year-over-year.
The company said it expects to grow from 9.5% to 11.5% of its revenue for fiscal year 19 in constant currencies.
Here's what brokers had to say about the results of HCL Technologies after the third quarter results:
Brokerage: CLSA | Note: Buy | Target: Rs 1,380
CLSA increased the target price of the action to 1,380 rupees, against 1,380 rupees. He also raised his estimate of HCL Technologies earnings and earnings per share for FY 19-21 by 102%.
Brokerage: Nomura | Note: Buy | Target: Rs 1,170
HCL Technologies remains, with Cognizant, one of the most popular purchases of information technology sector, according to Nomura.
The company needs 1.7% growth quarter on quarter to reach the summit of its objectives.
Brokerage: Credit Suisse | Note: Outperform | Target: Rs 1,350
Credit Suisse raised the indicative share price to Rs 1,350 from Rs 1,275.
The resumption of revenue growth and improved organic growth should help dispel some major concerns, added Credit Suisse.
Warning: The above report is compiled from information available on public platforms. Moneycontrol.com advises users to consult certified experts before making any investment decision.
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