Brokerages bullish on HCL Tech as June quarter net beats estimates

Most brokerages have retained bullish view on HCL Technologies and some even raised the target price on the stock after the company’s net profit for the June quarter beat estimates. Net profit fell 7.3 per cent sequentially to Rs 2,925 crore during the quarter. It was up 32 per cent year-on-year. The company also resumed the practice of providing annual guidance. Analysts expect the stock to react positively on Monday. The stock ended down 0.7 per cent at Rs 623.45 on Friday.