Stock market analysts have maintained ‘buy’ rating on HCL Technologies stock with an intraday target of Rs 240.

According to them, interested traders can purchase the stock above Rs 236 with a strict stop loss of Rs 233. If the stock market remains positive, the stock pricing becomes more attractive, and reach above Rs 243.
 
Shares of the company, on Friday (August 13), closed at Rs 235.50 on the Bombay Stock Exchange (BSE). The total volume of shares traded at the BSE was 88295. Current EPS and PE Ratio stood at 11.72 and 19.54 respectively. The share price has seen a 52-week high of Rs 336 and a low of Rs 180 on BSE.

The stock has seen a decent rise in recent trading sessions. It has a potential to rise to the target price as the company has good growth prospects considering its projects under implementation and aggressive growth plans.

HCL America, a wholly owned subsidiary of HCL Technologies, on Aug 5, declared that it will open a U.S. delivery center in Wake County, North Carolina. The company will invest around USD 3.2 million and employ over 500 staff over the next five years, thanks in part to a state job development investment grant awarded to the company.

HCL Technologies has announced an 86.60% increase in consolidated net profit for the quarter ended June 2008 to Rs 4,409 million.

While on a sequential basis, HCLT posted growth of 19.40% in consolidated net profit for the same period.

During the quarter, the company’s consolidated earnings zoomed 34.50% over prior year period to Rs 21,686 million. While on sequential basis, the company recorded 11.50% in revenues for the quarter ended June 2008.

However on standalone basis, the company swung to loss for the quarter ended June 2008. During the quarter, the company reported loss of Rs 135.40 million compared with a profit of Rs 3,912.30 million in the same quarter last year.

Net sales for the quarter arose 17.70% to Rs 11,077.50 million, while total income for the quarter declined 7.76% to Rs 11,425.60 million.

HCL Technologies, on Jul. 16, 2008, announced that it has signed up an agreement to fully acquire Liberata Financial Services(LFS), a leading UK-based BPO provider and wholly owned subsidiary of Liberata.

As part of this acquirement, the company will also get hold of four delivery centers in UK at Romford, Preston, Croydon, Welwyn Garden City with 800 specialists that come to HCL with strong domain knowledge and technical expertise.

HCL Comnet, a subsidiary of HCL Technologies, announced the signing of a multi-year, managed network services outsourcing engagement with Union Bank of India (UBI), a leading public sector bank.

Other stocks from the same sector that looks good for short-term as well as long-term trading includes TCS, Wipro, Satyam and Infosys.