Hold HCL Tech, target of Rs 144: Emkay Global

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Hold HCL Tech, target of Rs 144: Emkay Global

Emkay Global Financial Services has maintained its hold rating on HCL Technologies (HCLT) with a target of Rs 144. The research firm estimates HCLT to report earnings of Rs 18.8 in FY09 and Rs 18 in FY09 and FY10 respectively.

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RELATED NEWS Hold HCL Technologies, target of Rs 208: Sharekhan Hold Satyam Computer, target of Rs 212: Emkay Global Hold Satyam, target of Rs 187: KRChoksey ALSO READ See previous views by Emkay Global Financial Services See what other Experts & Brokerages are saying about HCL Tech See messages about HCL Tech HCL Tech BSE | NSE 25/05/12 Are Mutual Funds betting on HCL Tech?

Emkay Global Financial Services has maintained its hold rating on HCL Technologies with a target of Rs 144 in its December 23, 2008 research report. "HCL Tech has recently announced the completion of the Axon buy for a total consideration of USD 701 million. The acquisition is financed via USD 116 million of internal cash and a loan of USD 585 million with borrowing cost at 5% p.a (LIBOR+300 bps). The company intends to consolidate Axon for 15 days for the Dec'08 quarter. We estimate HCLT to report earnings of Rs 18.8 in FY09 and Rs 18 in FY09 and FY10 respectively. We maintain HOLD with a revised price target of Rs 144," says Emkay Global Financial Services' research report.

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