April 9, 2019 / 4:42 AM / 2 months ago

BUZZ-Nomura on India's HCL Tech: Strong deal wins to propel growth for FY20

** HCL Technologies Ltd is well-placed for organic growth acceleration in FY 20, driven by strong deal win momentum in last couple of quarters, which should translate into revenues starting first or second quarter FY20, Nomura has said in a note

** Expect HCLT to guide for 7-9 pct FY20 constant currency organic revenue growth (vs 6.5 pct for FY19) and 14-16 pct overall constant currency revenue growth — Nomura

** Nomura says HCLT’s deals with Procter & Gamble, Nokia, Barclays and Xerox combined likely to contribute $2.2 bln in revenue over next 6 yrs while deal with Broadcom will add $120 mln annually

** HCLT shares up 1.8 pct as of 0417 GMT

** 30 of 44 brokerages covering stock have ‘buy’ or higher rating, 10 have ‘hold’ while four have a ‘buy’ rating; median price target of 1,200 rupees

** Stock has estimated PE of 14.82 vs sector average of 15.61

** Stock has gained 13.7 pct this year as of Monday’s close, while bigger rivals Infosys Ltd and Tata Consultancy Services Ltd rose 17.1 pct and 9.4 pct, respectively

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