Reduce HCL Tech, target of Rs 235: IIFL

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Reduce HCL Tech, target of Rs 235: IIFL

IIFL has recommended a reduce rating on HCL Tech, with 12-month price target of Rs 235. On the demand outlook, management expects business conditions to remain uncertain for the next 3 to 6 months.

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IIFL has recommended a reduce rating on HCL Tech, with 12-month price target of Rs 235, in its report dated September 17, 2008.

"At its analyst meet early this week, HCL Tech showcased the primary drivers behind its two years of margin expansion-improving realisations at IT services, scale benefits at its infrastructure division and better utilisation at its BPO division. Also, among other things, management highlighted the investments in its front-end capabilities, its inorganic growth strategy and the impact of its 'Employee first' principle. On the demand outlook, management expects business conditions to remain uncertain for the next 3 to 6 months. While management maintained that pricing has been stable, we believe it will come under pressure in 2HFY09", says IIFL report.

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To read the full report click on the attachment......