QUICK TAKE: HCL TECH COULD SEE MORE GAINS

HCL Technologies stock is up 6% in the last one week. In a note last week, HDFC Securities said, the stock is trading at a reasonable valuation (19x FY23 estimated EPS), a steep discount to TCS and Infosys (also up 3.2 - 6.6% in one week). Strong deal pipeline and profitability, solid operating cash generation and zero debt can help bridge the valuation gap

“More and more Fed officials have tilted hawkish, and so the minutes will be of great interest ahead of the Jackson Hole symposium next week. We believe the ranks of the hawks will continue to grow”

WIN THIN

Brown Brothers Harriman