Expect 15% upside in HCL Tech, says Ankit Pande

Ankit Pande, Equity Research at Quant Broking told CNBC-TV18, "Price wise in HCL Technologies I would not move too much at this point in time. This is a year in which constant currency growth will be inline but reported growth would still be little bit lower. Having said that we can still manage about 12 percent growth which will be inline with our expectation, so I do not think we will move that much in target price based on FY16 at this point in time."

"There is some upside to the stock and the stock is trading at 14 times one year forward and we would rate it at 15 times one year forward, so there is a bit of 15 percent upside in the stock," he said.

"At this point in time HCL Technologies is trading at a bit of a discount, bear in mind that maybe we would like to compare with Wipro a bit more closely. TCS is a much larger entity, performing far more consistently and operating margin at a different band. We would assume that if our growth estimates do not change so much keeping in mind the management commentary, but if our EPS estimates do not change, we currently have an estimate of Rs 125 in FY16, we have a multiple of 15 times, so we have a target price of close to Rs 1880."

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