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HCL Tech stock: Brokerages believe correction offers attractive entry point

Brokerages believe correction offers attractive entry point

HCL Tech stock: Brokerages believe correction offers attractive entry point
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Ram Prasad Sahu
The HCL Technologies stock is down 12 per cent over the past couple of trading sessions on muted March quarter results and weak forecast, which has prompted revision in revenue estimates for 2018-19. While the immediate trigger was the sub-par performance in the quarter as the company posted a 1.2 per cent revenue growth on a constant currency basis (50-60 basis points lower than analyst estimates), the disappointment on account of growth outlook was the key worry.

The company has guided for a 9.5-11.5 per cent constant currency revenue growth, which will be split equally between inorganic and organic growth.

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