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    HCLTECH   INE860A01027

HCL TECHNOLOGIES LIMITED

(HCLTECH)
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Indian shares fall as auto, tech stocks drag; Paytm tanks in debut

11/18/2021 | 12:45am EST

BENGALURU, Nov 18 (Reuters) - Indian shares were set to end the holiday-shortened week nearly 2% lower on Thursday, as losses in automobile and information technology stocks weighed on markets, while digital payments company Paytm plunged in a tepid market debut.

By 0525 GMT, the blue-chip NSE Nifty 50 index had fallen 0.77% to 17,761.30, while the benchmark S&P BSE Sensex had lost 0.65% to 59,615.45.

Both the indexes have struggled this week, hurt a combination of rising inflation worries globally, valuation concerns, and an end to the domestic September-quarter earnings season.

"Because of the extraordinary monetary accommodation provided by global central banks... the valuations of many businesses (have become astronomical)," said Ajay Bodke, an independent market analyst.

Broader global stock markets also slipped as rising inflation worries clouded the outlook for interest rates and growth.

In Mumbai trading, Paytm's shares tanked as much as 26.2% in their stock market debut, whose initial public offering of 183 billion rupees is India's biggest.

The Nifty Auto Index fell 2.12% and was on track to snap two straight sessions of gains. Tata Motors lost 4.2% to be the top percentage loser on the Nifty 50.

The Nifty IT index was down 1.66% and was set to break a four-day winning streak. HCL Technologies fell 2.8%.

Sapphire Foods India, a domestic franchisee of KFC and Pizza Hut operator Yum Brands, gained 4.1% in its market debut.

Shares of oil-to-metals conglomerate Vedanta fell 5.6%. The company on Wednesday said it had constituted a board committee to evaluate strategic measures.

(Reporting by Anuron Kumar Mitra in Bengaluru; editing by Uttaresh.V)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
HCL TECHNOLOGIES LIMITED -1.99% 1175.35 Delayed Quote.-9.09%
ONE97 COMMUNICATIONS LIMITED -0.20% 995.35 Delayed Quote.-25.27%
TATA MOTORS LIMITED 1.92% 520.75 End-of-day quote.7.96%
VEDANTA LIMITED 0.79% 327.15 Delayed Quote.-4.87%
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Financials
Sales 2022 854 B 11 461 M 11 461 M
Net income 2022 133 B 1 784 M 1 784 M
Net cash 2022 148 B 1 991 M 1 991 M
P/E ratio 2022 24,5x
Yield 2022 2,94%
Capitalization 3 248 B 43 668 M 43 590 M
EV / Sales 2022 3,63x
EV / Sales 2023 3,14x
Nbr of Employees 168 977
Free-Float 39,4%
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Mean consensus BUY
Number of Analysts 41
Last Close Price 1 199,20 INR
Average target price 1 460,26 INR
Spread / Average Target 21,8%
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Managers and Directors
C. Vijayakumar President, Chief Executive Officer & MD
Prateek Solek Aggarwal Chief Financial Officer
Roshni Nadar Malhotra Chairman
Hanumantha Rao Gade President-Engineering, R&D Services
Kalyan B. Kumar Chief Technology Officer & Corporate VP
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