Accumulate HCL Tech, target of Rs 330: Emkay

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Accumulate HCL Tech, target of Rs 330: Emkay

Emkay Global Financial Services has recommended an accumulate rating on HCL Technologies with a target price of Rs 330. HCL Tech reported revenues of USD 607.2 million (+7.9% QoQ), revenues in constant currency up 4% sequentially.

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Emkay Global Financial Services has recommended an accumulate rating on HCL Technologies with a target price of Rs 330 in its August 25, 2009 research report.

"HCL Tech reported revenues of USD 607.2 million (+7.9% QoQ). Revenues in constant currency up 4% sequentially. Revenues in Applications business (+4.5% QoQ) to USD 441.5 million while IMS revenues jump up by 25.5% sequentially (included USD 7 million of pass through revenues). We are upping rating on HCL Tech to 'ACCUMULATE' with a target price of Rs 330," says Emkay Global Financial Services' research report.

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