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Large Cap Stock, Down 20% In 1-Yr, Announces Dividend: ICICI Securities Gives Accumulate Call
Leading IT Software stock, HCL Technologies Ltd has announced interim dividend on January 12, 2022. The stock has declined 20% in last 1-year and surged 82% in last 3-years. Meanwhile, leading brokerage firm, ICICI Securities has assigned accumulate call to HCL Technologies with a target price of Rs 1199 apiece in its November 8, 2022 report indicating an upside of 12%. Check key details below:
1. HCL Technologies Fixes Record Date For Interim Dividend
According to the regulatory filing, "The Board of Directors has declared an Interim Dividend of Rs.10/- per equity share of Rs.2/- each of the Company for the Financial Year 2022-23.
The Record date of January 20, 2023, fixed for the payment of the aforesaid interim dividend has been confirmed by the Board of Directors. The Payment date of the said interim dividend shall be February 1, 2023."
2. HCL Technologies Stock Performance & Return
The current market price of the stock is Rs 1067 apiece with intraday fall of 0.38%. The stock's 52-week high is quoted at Rs 1359 apiece and 52-week low is quoted at Rs 875 apiece, respectively.
The company has a market capitalisation of Rs 2,90,674.24 crore. When it comes to returns, in last 5-years HCL Technologies has given 130% return, 82% return in last 3-years, and fallen 20% in last 1-year. It has rallied 8% in last 3-months.
3. Valuation
According to ICICI Securities, "We believe that HCLT now deserves a higher multiple and increase it to 20x (13%/20% discount to INFY/TCS target multiple, prior: 17x) and arrive at a revised price of Rs. 1,199 (earlier: 1022) because 1) risk-reward has become favourable, 2) ROIC is expected to improve (charts 2&3), average OCF/NI at ~120% over FY18-22, 2) improved capital allocation and dividend yield limits downside risk."
Key Downside Risks: 1) Impact on tech spends due to worsening macro 2) Pricing pressure 3) Unfavourable currency movement.
4. HCL Technologies About
HCL Technologies Limited is a renowned global IT services company that assists global enterprises re-imagine and convert their businesses through Digital technology transformation. It is engaged in providing vast software services business process outsourcing and infrastructure services. It came into existence in 1991.
Disclaimer
The stock has been picked from the brokerage report of ICICI Securities. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.
