Brokerages raise target price for HCLTech after solid Q1 performance

Shares of HCL Tech zoomed 4.83 per cent at Rs 1635.85 per share on the BSE in Monday’s early morning trade. This came after the IT services major reported a 20.4 per cent year on year (Y-o-Y) increase in its net profits to Rs 4,257 crore in the April-June Quarter of fiscal year 2024-25. The profits grew 6.8 per cent sequentially.

According to analysts, a $69 million gain from the State Street joint venture’s divestment led to a net profit beat.