Buy HCL Technologies, target price Rs 1100: Kotak Securities Limited

Kotak Securities Limited has buy call on HCL Technologies with a target price of Rs 1100. The current market price of HCL Technologies is Rs 1061.7. Kotak Securities recommended to keep stop loss at Rs 1050.

HCL Technologies, incorporated in the year 1991, is a Large Cap company (having a market cap of Rs 288231.94 Crore) operating in IT Software sector.

HCL Technologies key Products/Revenue Segments include Software Development Charges and Computer Hardware & Software for the year ending 31-Mar-2022.


Financials
For the quarter ended 31-03-2023, the company has reported a Consolidated Total Income of Rs 27059.00 Crore, up .37 % from last quarter Total Income of Rs 26960.00 Crore and up 18.09 % from last year same quarter Total Income of Rs 22914.00 Crore. Company has reported net profit after tax of Rs 3981.00 Crore in latest quarter.

The company’s top management includes Ms.Roshni Nadar Malhotra, Ms.Vanitha Narayanan, Mr.Simon England, Dr.Mohan Chellappa, Mr.Deepak Kapoor, Ms.Nishi Vasudeva, Mr.Thomas Sieber, Mr.Subramanian Madhavan, Dr.Sosale Shankara Sastry, Ms.Robin Ann Abrams, Mr.R Srinivasan, Mr.Shikhar Malhotra, Mr.Shiv Nadar, Mr.C Vijayakumar. Company has B S R & Co. LLP as its auditors. As on 31-03-2023, the company has a total of 271 Crore shares outstanding.

Investment Rationale
Trading in a symmetrical triangle chart formation and breakout from the pattern is very likely.

Promoter/FII Holdings
Promoters held 60.81 per cent stake in the company as of 31-Mar-2023, while FIIs owned 18.92 per cent, DIIs 15.2 per cent.