May 3, 2018 / 5:33 AM / 3 months ago

BUZZ-India's HCL Technologies falls most in 2-1/2 years

** HCL Technologies Ltd falls for a second session; down as much as 7.8 pct to 922.35 rupees, its lowest since March 23

** Stock posts biggest intraday pct loss since Oct 2015; top loser on NSE index

** Software services exporter’s Q4 profit fell nearly 10 pct, missing analyst estimates, according to Thomson Reuters data

** Co expects FY19 revenue to rise 9.5 pct-11.5 pct in constant currency terms

** Q4 was a tad weaker than expected, and revenue growth guidance doesn’t reflect any acceleration in growth for co, analysts at HSBC write, downgrading the stock to “hold” with TP of 1,050 rupees

** “While IMS deals have picked up, pricing compression at renewals continue” - Macquarie; retains “outperform” rating with a TP of 1,160 rupees

** Results were largely in-line, but organic revenue growth guidance for fiscal 2019 were disappointing - Morgan Stanley; keeps “overweight” rating with a TP of 1,060 rupees

** Analysts at Citi say guidance implies muted organic growth; maintain “neutral” rating with TP of 1,035 rupees

** Key investor concern will be on IMS business growth and significant inorganic growth - Citi

** Twenty-seven of 43 brokerages rate stock “buy” or higher, 11 “hold” and 5 “sell” or lower; their median PT is 1,055 rupees - Thomson Reuters data

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