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    HCLTECH   INE860A01027

HCL TECHNOLOGIES LIMITED

(HCLTECH)
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India's Sensex crosses 60,000 mark on tech, bank stocks boost

09/24/2021 | 01:43am EDT

BENGALURU, Sept 24 (Reuters) - India's benchmark Sensex crossed the 60,000 level for the first time on Friday, driven by tech and private bank stocks, as analysts pointed to easing fears over economic damage from a possible third COVID-19 wave.

The blue-chip NSE Nifty 50 index rose 0.59% to 17,928.95 by 0502 GMT, after hitting a record high earlier in the session, while the benchmark S&P BSE Sensex was up 0.67% at 60,285.25.

Indian shares were headed for their fifth straight weekly gain, as analysts said a quick-moving vaccination campaign had diminished fears of a further hit to the economy due to the pandemic.

Concerns about the fallout from debt-ridden property developer China Evergrande were also somewhat mitigated, while a U.S. Federal Reserve meeting did not throw up any surprises, said Narendra Solanki, head of equity research at Anand Rathi Investment Services.

In Mumbai trading, tech stocks jumped as much as 2.7% to a record high, with HCL Technologies rising over 3% to be among the biggest gainers on the Nifty 50. Upbeat outlooks from U.S. peers Accenture and Salesforce helped bolster gains on Wall Street overnight.

Private banks were 0.4% higher, as HDFC Bank rose 1%, with the sub-index heading for its second straight weekly gain.

Real estate stocks jumped 1.6% to hit their highest level in nearly 11 years, with the sector on course to surge over 20% for the week.

Metal stocks fell 1.3% to snap three straight sessions of gains, while consumer goods receded 0.4% but were on track to gain more than 1% for the week. (Reporting by Soumyajit Saha in Bengaluru; Editing by Ramakrishnan M.)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA EVERGRANDE GROUP -3.91% 2.95 End-of-day quote.-80.20%
HCL TECHNOLOGIES LIMITED 0.88% 1232.1 Delayed Quote.29.09%
HDFC BANK LIMITED 1.10% 1688.7 Delayed Quote.16.29%
INFOSYS LIMITED 1.67% 1822.15 Delayed Quote.42.71%
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Analyst Recommendations on HCL TECHNOLOGIES LIMITED
More recommendations
Financials
Sales 2022 846 B 11 267 M 11 267 M
Net income 2022 134 B 1 786 M 1 786 M
Net cash 2022 188 B 2 511 M 2 511 M
P/E ratio 2022 24,9x
Yield 2022 2,54%
Capitalization 3 344 B 44 531 M 44 549 M
EV / Sales 2022 3,73x
EV / Sales 2023 3,26x
Nbr of Employees 187 634
Free-Float 39,6%
Chart HCL TECHNOLOGIES LIMITED
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HCL Technologies Limited Technical Analysis Chart | HCLTECH | INE860A01027 | MarketScreener
Technical analysis trends HCL TECHNOLOGIES LIMITED
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 39
Last Close Price 1 232,10 INR
Average target price 1 357,49 INR
Spread / Average Target 10,2%
EPS Revisions
Managers and Directors
C. Vijayakumar President, Chief Executive Officer & MD
Prateek Solek Aggarwal Chief Financial Officer
Roshni Nadar Malhotra Chairman
Hanumantha Rao Gade President-Engineering, R&D Services
Kalyan B. Kumar Chief Technology Officer & Corporate VP
Sector and Competitors
1st jan.Capi. (M$)
HCL TECHNOLOGIES LIMITED29.09%43 998
ACCENTURE PLC33.89%216 766
TATA CONSULTANCY SERVICES LTD.27.40%179 086
INTERNATIONAL BUSINESS MACHINES CORPORATION13.06%127 564
SNOWFLAKE INC.20.07%101 668
INFOSYS LIMITED42.71%99 696