HCL Technologies Ltd finally seems to be catching up with its larger peers: Prakash Diwan

In a chat with ET Now, Prakash Diwan, Director - Altamount Capital Management, shares his views on HCL Technologies Ltd

ET Now: You probably heard the management on ET Now speak about how the quarter was and how calendar year 2015 looks like and they actually spoke about how disruption in Europe is great for them because they get more business and it is a company that is heavily exposed to Europe. What did you make of that?

Prakash Diwan: From a valuation perspective, HCL Tech has finally now caught up with its larger peers in the top five. In fact, for the last two quarters, it has not participated post numbers wholeheartedly the way Tech Mahindra did and of course Infosys and TCS and Wipro in that order. So my sense is you have really not seen the best of times unroll for HCL Tech right now and you yourself were very clearly trying to seek out what Europe and the kind of changing condition or rather improving conditions with liquidity coming back into Europe could do and that is something which is a joker in the pack for HCL Tech. I really would be surprised if you see by middle of FY15 HCL Tech at close to about 22 plus levels. So that is where new targets will start coming through and I am not sure of the upgrades that have already taken place but very soon you will find that upgrades would bring it all the way to 2250 in the next six months and that is going to be one of the most promising bets in the top tier IT players.