IT stock to buy: Domestic brokerage and research firm Axis Securities has recommended buy on IT stocks Cyient, HCL Tech and L&T Technologies following its fourth quarter (Q4FY22) results on expectations of a better outlook for IT companies. Axis Securities has ‘Buy’ rating on L&T Tech shares and has a target price of ₹5,100. Its latest share price is Rs 5,095.
‘Buy’ rating on Cyient shares
Axis Securities has given buy recommendation on Cyient shares. The brokerage said that “We believe Cyient is back with new opportunities in the business owing to better customer accounts and a strong deal in the pipeline. In addition, depreciation in INR, lower travel costs and lower on-site expenses The EBITDA margin of the company is likely to expand in the near term.The brokerage has recommended a ‘buy’ on the stock with a target price of ₹1,000 per share.The latest share price is ₹899.85.
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HCL target price
HCL Technologies has posted a strong growth of 6% on a sequential basis (QoQ). The brokerage’s note regarding this stock said that it includes 6 transformational deals in the service segment. Including TCV of $2.2 billion and 4 large transformational deals in the product segment, which is a TCV of $54 million. Its EBIT margin stands at 18%-20%. Axis Securities has reduced its target price to ₹1,345 after its Q4 results and has also given a buy rating on the shares. Its latest share price is Rs 1,102.50.
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