The leading brokerage firm in the country, Sharekhan predicts HCL technologies will outperform other IT firms of India. HCL Tech has produced an impressive third quarter results for the financial year 2010.

The net revenue and profit has gone up remarkably. The consolidated revenue of the firm has gone up by 1.4% to Rs 3,075.7 crore for the quarter.

The HCL stock price has also improved. As a result Sharekhan has upgraded its rating on HCL Technologies to 'Buy' category. The brokerage firm has advised its clients to 'Buy' or 'Hold' the stock for the current period of time.

Sharekhan has informed that the IT firm's performance was significantly above the expectations of the experts. As per Sharekhan the lower-than-anticipated depreciation and amortization charges, lower foreign exchange losses and decline in effective income tax rate has helped HCL to produce such a striking result.

The volume growth of the company was evenly excellent. The company's technology services especially hi-tech and manufacturing vertical has become most successful in the market. Sharekhan has expected that the company will continue its volume growth in future too.