HCL Technologies share price jumped more than 4 percent on August 23 after research firm CLSA retained "buy" call on the stock and raised the target of Rs 1,320 from Rs 11,80 a share.
The company indicates a healthy near-term revenue growth outlook and is confident of narrowing the gap on organic revenue growth against its peers in FY23-24, adding that improved conversion rates have rebuild a healthy cash balance, CNBC-TV18 reported the research firm as saying.
Catch all the market action on our live blog
The research firm has raised its FY23/FY24 EPS estimates by 1 percent/2 percent.
The stock was trading at Rs 1,156.05, up Rs 38.90, or 3.48 percent. It has touched a 52-week high of Rs 1,167.85. It has touched an intraday high of Rs 1,167.85 and an intraday low of Rs 1,126.10.
The IT firm on August 17 announced five-year, end-to-end IT transformation services deal with German multinational chemical company Wacker Chemie AG. The intent of the deal is "to establish a modernized digital workplace and improve its quality-of-service delivery" for Wacker, the Indian IT major said in a regulatory filing.
“Germany is a key strategic market for HCL and our engagement with Wacker is testament to our continued growth in the region,” said Dr Rolf Frank Fehler, Senior Vice President, HCL Tech.
Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol advises users to check with certified experts before taking any investment decisions.