HCL Technologies share price climbed almost 2 percent to hit a 52-week high of Rs 717.95 in the morning trade on BSE on August 3.
The stock has been buzzing amid media reports that the company had won an over $600-million deal from Ericsson.
However, the company has not said anything and the BSE has sought clarification from the company.
The company on July 17 reported a 7.3 percent quarter-on-quarter (QoQ) fall in its June quarter net profit at Rs 2,925 crore, following which the stock closed with a mild loss of 0.67 percent on BSE.
However, the results did not disappoint global brokerage firm CLSA, which maintained a 'buy' call on the stock and raised the target price by 13.85 percent to Rs 740 from Rs 650.
As per CNBC-TV18, CLSA is of the view that the company's results underscored its strong margin defence.
"Higher exposure to run-the-business spend leading to a faster recovery. We raise FY21 and FY22 EPS estimates by 4 percent and 6 percent, respectively.
Domestic brokerage firm Motilal Oswal Financial Services, too, has maintained a 'buy' call on the stock with a target price of Rs 765.
"We upgrade our FY21/FY22E EPS by 12–14 percent and maintain a 'buy', as we expect HCL Tech to better navigate the current crisis and emerge stronger on the back of an expected increase in enterprise demand for digital services," said Motilal Oswal.
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