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    HCLTECH   INE860A01027

HCL TECHNOLOGIES LIMITED

(HCLTECH)
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Delayed NSE India Stock Exchange  -  05:32 2022-07-07 am EDT
991.40 INR   +0.49%
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Indian shares track positive global sentiment after China rate cut

05/20/2022 | 07:00am EDT
A bird flies past the Bombay Stock Exchange building in Mumbai

BENGALURU (Reuters) - Indian shares rose 3% on Friday in a broad-based rally to log their first weekly gain in six, as investor sentiment around the globe improved after China cut a key benchmark lending rate to support its economy.

The NSE Nifty 50 index ended up 2.89% at 16,266.15 while the S&P BSE Sensex closed 2.91% higher at 54,326.39. Both indexes had dropped more than 2.6% in the previous session as investors fretted about the impact of high inflation.

Global equities gained on Friday, as China's move helped ease some pressure owed to the Russia-Ukraine conflict, prospects of bigger interest rate hikes to contain surging inflation and supply-chain issues that have been worsened by China's zero-COVID policy.

The MSCI world equity index, which tracks shares in 50 countries, rose 0.5% after China cut its five-year loan prime rate, which influences the pricing of mortgages, by 15 basis points. [MKTS/GLOB]

In Mumbai, 48 of the 50 stocks in the Nifty 50 index settled higher, led by a 7.8% surge in Dr. Reddy's Laboratories a day after it reported March quarter results.

Heavyweight Reliance Industries was the top boost to the Nifty, surging 6.6% to log its best session since September 2020.

Metal stocks, which slid over 4% in the previous session, rebounded to close 4.2% higher. The sub-index snapped five weekly losses and gained 7.4% for the week.

One 97 Communications, parent of digital payments firm Paytm, ended up 3.9% ahead of its March quarter results due later in the day.

Among the few decliners, Equitas Small Finance Bank plunged 11.6% after its founder said he was leaving.

(Reporting by Chandini Monnappa in Bengaluru; Editing by Vinay Dwivedi)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
EQUITAS HOLDINGS LIMITED 0.86% 87.55 End-of-day quote.-21.06%
HCL TECHNOLOGIES LIMITED 0.36% 991.4 Delayed Quote.-25.21%
ITC LIMITED 0.78% 291.65 Delayed Quote.32.68%
JSW STEEL LIMITED 0.48% 555.15 End-of-day quote.-15.36%
MSCI WORLD 0.28% 2561.2 Real-time Quote.-20.54%
NIFTY 50 0.78% 16130.4 Delayed Quote.-8.89%
RELIANCE INDUSTRIES LTD -1.08% 2389.8 Delayed Quote.1.85%
SENSEX BSE30 1.16% 53750.97 Real-time Quote.-7.73%
STEEL AUTHORITY OF INDIA LIMITED -0.07% 69.55 End-of-day quote.-35.09%
TATA CONSULTANCY SERVICES LTD. 0.62% 3287.55 Delayed Quote.-12.78%
TATA STEEL LIMITED -0.22% 858.4 End-of-day quote.-22.77%
TECH MAHINDRA LIMITED 0.91% 1019.8 Delayed Quote.-43.60%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 1.51% 63.75 Delayed Quote.-17.60%
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Analyst Recommendations on HCL TECHNOLOGIES LIMITED
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Financials
Sales 2023 984 B 12 449 M 12 449 M
Net income 2023 146 B 1 853 M 1 853 M
Net cash 2023 187 B 2 364 M 2 364 M
P/E ratio 2023 18,4x
Yield 2023 4,17%
Capitalization 2 671 B 33 793 M 33 793 M
EV / Sales 2023 2,52x
EV / Sales 2024 2,23x
Nbr of Employees 168 977
Free-Float 39,0%
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Mean consensus BUY
Number of Analysts 43
Last Close Price 986,60 INR
Average target price 1 228,12 INR
Spread / Average Target 24,5%
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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 Kumar B. Chief Technology Officer & Corporate VP
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