HCL Tech a market performer: India Infoline

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HCL Tech a market performer: India Infoline

India Infoline has downgraded its rating on HCL Technologies to market performer with a target of Rs 174. Given the disappointing Q1 F6/09, heightened macro uncertainties and the company’s decision to go after Axon acquisition, we downgrade HCL Tech to Market Performer.

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India Infoline has downgraded its rating on HCL Technologies to market performer with a target of Rs 174 in its October 16, 2008 research report. "Given the disappointing Q1 F6/09, heightened macro uncertainties and the company's decision to go after Axon acquisition, we downgrade HCL Tech to Market Performer. The company has already bought about 10.7% in Axon through secondary market. We expect stock to continue to underperform its peers over 4-6 months. We have revised downward our FY10 (march-adjusted) EPS estimate of HCL Tech by 4% and lowered our one-year price target by 17% to Rs 174," says India Infoline's research report.

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