Buy HCL Technologies, target price Rs 1420: Yes Securities

Yes Securities has buy call on HCL Technologies with a target price of Rs 1420. The current market price of HCL Technologies Ltd. is Rs 1344. Time period given by analyst is Intra Day when HCL Technologies Ltd. price can reach defined target.

HCL Technologies Ltd., incorporated in the year 1991, is a Large Cap company (having a market cap of Rs 364621.61 Crore) operating in IT Software sector.

HCL Technologies Ltd. key Products/Revenue Segments include Software Development Charges and Computer Hardware & Software for the year ending 31-Mar-2021.



Financials
For the quarter ended 30-09-2021, the company reported a Consolidated Total Income of Rs 20895.00 Crore, up 2.81 % from last quarter Total Income of Rs 20323.00 Crore and up 11.19 % from last year same quarter Total Income of Rs 18793.00 Crore. Company reported net profit after tax of Rs 3263.00 Crore in latest quarter.

Investment Rationale
The stock has broken out of trendline resistance and recent highs, resuming the uptrend. Further, volumes have been good in the breakout confirming the bullishness. Technical indicators are also favoring the same.

Promoter/FII Holdings
Promoters held 60.33 per cent stake in the company as of 30-Sep-2021, while FIIs owned 22.3 per cent, DIIs 12.47 per cent.