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This Superhit Stock Of Nifty 50 Is Rising Above The Support Level; ₹2000 Target

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HCL Technologies Ltd (NSE: HCLTECH): Both Nifty and Sensex have set new records one after the other during last week. At this time, following the auto and metal industries were booming, there was plenty of growth in the banking industry. 

The three sectors enjoyed the boom in the market, but the IT industry is still seeing a boom.

Certain IT stocks also increased in the past week. It is anticipated that this week’s Nifty IT index could climb in the coming weeks. 

If investors are buying stocks of a major IT company it can’t be considered HCL Technology in isolation.

The shares of HCL Technologies Ltd closed at the price of 1635.70 during trading on Thursday. 

The shares from HCL Technology may increase significantly over the next few days.

In November-December, the upswing for Steel Technology started from the value of Rs 1250, and by February, it was at the Rs 1700 mark. 

HCL reached the milestone of the Rs 1200 mark to Rs 1700 in only three months.

profit-booking

There was a bit of profit-booking in the stock. But, the stock didn’t fall too significantly. The profit booked isn’t enough however the share is trading at 1635.70.

The time frame of the daily trading session of HCL has risen to its lowest swing at the end of the trading session on Wednesday. 

Following this, it is at the top of its range on Thursday as well. This implies that in the coming days, targets that are longer can be observed on HCL Technology.

The daily timeframe, a trend line is descending from the highest level of the candle that was formed on 23 February. The price currently is touching the trend line but just. 

There is a chance that, after an hour or two of consolidation, the price could move higher because the price has increased beyond its level of support since the low that was its last swing. 

If this happens it’s a high possibility that it will consolidate within that trendline for a period of two to three days, and then provide a strong breakout upward. 

Should a breakout of the trendline take place within the stock, the first target that could go upwards of Rs 2000 for the share of HCL Technology.

Then, the higher goals will become visible in this stock, and the price movement that occurs during that time will determine how far this stock can be able to go.

About HCL Technologies Ltd

HCL Technologies Ltd. engages in computer programming, consulting, and related services. 

Its Software Services segment provides application maintenance and development enterprise applications, the next generation of software as a Service application services, engineering,& developing research.

The company also offers digital process operations including lending solutions and supply chain management accounting and finance, digital and content, as well as cognitive automation & engineering and R&D solutions. 

That encompasses cloud-based digital engineering operational technology, product engineering, and various industry sectors. 

Its IT Services segment provides management services that utilize customer’s data technology assets. 

The company provides the automotive and aerospace industries, & banking, capital markets & captive business services. 

The company was established by Shiv Nadar on the 12th of November in 1991. Its headquarters is in Noida, India.

Fundamental Analysis of HCL Technologies Ltd

Market Cap₹ 4,44,403 Cr.
Current Price₹ 1,635.70
52-wk High₹ 1,697.35
52-wk Low₹ 1,016.25
Stock P/E28.26
Book Value₹ 242
Dividend3.18 %
ROCE28.3 %
ROE23.0 %
Face Value₹ 2.00
P/B Value6.77
OPM22.2 %
EPS₹ 57.8
Debt₹ 5,268 Cr.
Debt to Equity0.08

HCL Technologies Share Price Target 2024 To 2030

Year1st Target2nd Target
2024₹ 1600₹ 1690
2025₹ 1700₹ 1890
2026₹ 1900₹ 2100
2027₹ 2300₹ 2540
2028₹ 2700₹ 2800
2029₹ 2840₹ 2980
2030₹ 3000₹ 3300
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HCL Technologies Ltd Shareholding Pattern

Promoters Holding
Dec 202260.72%
Mar 202360.82%
June 202360.82%
Sept 202360.82%
Dec 202360.82%
FII Holding
Dec 202218.29%
Mar 202318.92%
June 202318.98%
Sept 202318.80%
Dec 202319.42%
DII Holding
Dec 202215.85%
Mar 202315.28%
June 202315.33%
Sept 202315.62%
Dec 202315.12%
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Govt. Holding
Dec 20220.02%
Mar 20230.02%
June 20230.02%
Sept 20230.02%
Dec 20230.02%
Public Holding
Dec 20224.89%
Mar 20234.74%
June 20234.63%
Sept 20234.54%
Dec 20234.40%
Others Holding
Dec 20220.23%
Mar 20230.23%
June 20230.23%
Sept 20230.21%
Dec 20230.21%
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HCL Technologies Share: Last 5 Years’ Financial Condition

To gain a better understanding of how the market is performing, let’s look at the outlook of this share in the previous years. 

However, investors should be aware of the risks and the market conditions before making any investment decision.

Last 5 Years’ Sales:

2019₹ 60,427 Cr
2020₹ 70,676 Cr
2021₹ 75,379  Cr
2022₹ 85,651 Cr
2023₹ 108,020 Cr

Last 5 Years’ Net Profit:

2019₹ 10,120 Cr
2020₹ 11,057 Cr
2021₹ 11,169 Cr
2022₹ 13,523 Cr
2023₹ 15,696 Cr

Last 5 Years’ Debt-To-Equity Ratio:

20190.09
20200.09
20210.06
20220.06
20230.03

Last 10 Years’ Profit Growth:

10 Years:20%
5 Years:11%
3 Years:10%
Current Year:9%

Last 10 years’ Return on Equity (ROE):

10 Years:24%
5 Years:23%
3 Years:22%
Last Year:23%

Sales Growth Over 10 Years:

10 Years:17%
5 Years:15%
3 Years:13%
Current Year:11%

Conclusion

This article is a complete guide about HCL Technologies Ltd Share.

These information and forecasts are based on our analysis, research, company fundamentals and history, experiences, and various technical analyses. 

Also, We have talked in detail about the share’s future prospects and growth potential.

Hopefully, these informations will help you in your further investment. 

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