Wednesday 8 October 2008

HCL Technologies an underperformer: Karvy

Karvy Stock Broking has recommended an underperformer rating on HCL Technologies with a target of Rs 160 in its October 8, 2008 research report. "HCL Technologies for Q1FY09 is likely to report a sequential revenue growth of 6.5% (to Rs 23.09 billion), with rupee aiding the growth to the tune of 6%, and we expect the volume growth to improve by a meek 0.5%. We expect its effective tax rate to increase and consequently, the twin effects is likely to pull down the net profit by 28.6%. We recommend the stock as a underperformer, with a price target of Rs 160," says Karvy Stock Broking's research report.

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Source: Moneycontrol

Posted by Harsh at 23:43

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