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Informist, Wednesday, Apr. 22, 2026                                      Tel +91 (22) 6985-4000

Equity Alert: Nuvama maintains 'hold' call on HCL Tech, cuts target by 10%

MUMBAI--0845 IST--Nuvama Institutional Equities has maintained its 'hold' recommendation on HCL Technologies and trimmed the target price by 10% to INR 1,400. The company's weak guidance for 2026-27 (Apr-Mar) now converges its growth differential with Tata Consultancy Services and Infosys, "...which is likely to lead to convergence of their valuations," the brokerage said.

HCL Tech announced its March quarter earnings after market hours on Tuesday. The company posted a consolidated net profit of NR 44.88 billion, up 10% on quarter and 4.2% on year. It was below the Street's view of INR 47.23 billion. The company's revenue was INR 339.81 billion, flat on quarter but up 12.4% on year. The top line was below the Street's view of INR 344.24 billion. HCL Tech has guided earnings before interest and tax margin of 17.5-18.5% for FY27.

The company's revenue fell 3.3% in constant currency terms due to weakness in software business, Nuvama said. The software business declined over 28% on quarter in constant currency terms due to seasonality, along with delays in client procurement decisions towards the end of March. This affected overall revenue conversion, the brokerage added.

IT services revenue was flat while engineering, research and development services fell over 1% sequentially in constant currency terms, according to Nuvama. This was primarily led by a reduction in discretionary spending by two telecom clients on digital and engineering services. The discontinuation of two systems, applications, and products programs in manufacturing and retail verticals, the brokerage said.

The brokerage has raised the earnings per share estimate for FY27 by 1.6% but cut the same for FY28 by 0.3%. The stock currently trades at 20 times the FY27 price-to-earnings ratio, Nuvama said. The brokerage said its weak guidance for FY27 means it will find it difficult to justify this premium. "Hence we see a de-rating risk and limited upside potential from current levels," Nuvama said.

Tuesday, shares of the company ended nearly 1% higher at INR 1,441.20.  (Adhithya Aji)

Equity Alert: Domestic indices to open down as Asian mkts fall

MUMBAI--0820 IST--Domestic benchmark indices are likely to open lower Wednesday tracking the fall of other Asian markets. Though the April futures contract of Gift Nifty suggests a lower opening for the headline indices, US President Donald Trump's decision to extend the ceasefire with Iran may boost market sentiment. Investors will also closely monitor crude oil prices, as Brent crude rose to $98 a barrel from $94 per barrel in the previous session. At 0823 IST, the June futures contract of Brent crude was 0.2% lower at $98.24 a barrel.

Trump Tuesday announced an extension to the ceasefire with Iran, allowing more time for Tehran to come up with a proposal to end the war. According to Trump's Truth Social post, the plan of holding off US attacks and extension of the ceasefire were decided at the request of Pakistan's Field Marshal Asim Munir and Prime Minister Shehbaz Sharif.

"I have therefore directed our Military to continue the Blockade and, in all other respects, remain ready and able, and will therefore extend the Ceasefire until such time as their proposal is submitted, and discussions are concluded, one way or the other," Trump posted on his account of Truth Social. The announcement of the ceasefire extension came after reports said US Vice President J.D. Vance's visit to Pakistan for a second round of peace talks with Iranian officials had been put on hold.

On Tuesday, the Nifty 50 settled 0.9% higher at 24576.60. At 0823 IST, the April futures contract of Gift Nifty was at 24438, down nearly 140 points from the Nifty 50's previous close. "Fall below 24200-24100 spot zone might drag it towards 23800-23550 spot levels in the near term," Vipin Kumaar, derivatives and technical analyst at Globe Capital Market, said. He expects investor sentiment to get hurt in case of any fresh escalation in the West Asia conflict.

Investors will focus on the March quarter earnings of Tech Mahindra and Trent due later in the day. Tech Mahindra is likely to report a 7.5% sequential rise in its consolidated net profit to INR 14.98 billion. This would be the highest in 2025–26 (Apr-Mar). Its consolidated revenue for the quarter is expected to rise nearly 3% sequentially and to INR 148.12 billion. Trent is expected to post an over 19% year-on-year increase in its top line to INR 49 billion for Jan-Mar. Its bottom line for the quarter is expected to rise nearly 6% on year to INR 3.71 billion.

HCL Technologies on Tuesday reported a consolidated net profit of INR 44.88 billion, lower than analysts' projections of INR 47.23 billion. The profit grew 10% on quarter and 4.2% on year. Nuvama Institutional Equities has kept a 'hold' recommendation on HCL Tech and cuts its target price by 10% to INR 1,400. The brokerage cuts its earnings-per-share estimate for HCL Tech for 2026-27 (Apr-Mar) by 3% and for FY28 by 2.2%.

Barring the Nikkei 225 and TAIEX, all Asian equity indices were down in early trade. Hong Kong's Hang Seng Index was the worst performer, down 1%. US indices closed lower Tuesday, down 0.6% each.  (Arundathi A R)

Equity Alert: Most Asian indices dn amid caution as Trump extends ceasefire

MUMBAI--0818 IST--Most indices in Asia displayed a negative bias as market participants remained cautious about the prospects of a positive outcome from an extended ceasefire between the US and Iran. US President Donald Trump had extended the truce with Iran until discussions between the two countries are concluded, saying the latter's government is "seriously fractured". Brent Crude oil futures also remained higher than Tuesday's lows at around $98 per barrel. 

"I have therefore directed our Military to continue the Blockade and, in all other respects, remain ready and able, and will therefore extend the Ceasefire until such time as their proposal is submitted, and discussions are concluded, one way or the other," Trump said in a post on social media. In another post, Trump said that Iran wants the Strait of Hormuz opened. "They only say they want it closed because I have it totally BLOCKADED," he said. 

In other developments, Japan's exports in March rose 11.7% on year and imports rose 10.9%. Shipments to China were up 17.7% year-on-year, while those to the US also grew 3.4%. Japan's growth in exports was better than economists' expectations of an 11% on-year increase. The country's trade surplus was up 25.9% on year to 667 billion yen, lower than the estimated surplus of 1.1 trillion yen. This supported Japan's Nikkei 225, which was up 0.5% in early trade. However, the TOPIX fell over 0.5%. 

While China's benchmark CSI 300 index attempted to hold on to gains, Hong Kong's Hang Seng, Australia's S&P ASX 200, and South Korea's KOSPI fell 0.2-1.4%. The Hang Seng index declined the most among its peer. The KOSPI was down 0.2% after hitting a fresh high on Tuesday driven by gains in heavyweight SK Hynix. Shares of the Korean chipmaker were also down nearly 1% during early trade.
 

Following were the levels of major Asian indices at 0816 IST:

(Ruchira Kagita)

Equity Alert: US futures up as President Trump extends ceasefire with Iran

MUMBAI--0738 IST--US futures rose Wednesday after US President Donald Trump unilaterally announced extension of the ceasefire with Iran. He said that the government of Iran is "seriously fractured", and that Pakistani mediators had requested the move. At 0721 IST, the E-mini Dow futures were around 0.5% higher. However, crude oil futures still remain elevated as the US Navy's blockade of the Strait of Hormuz continues. Brent Crude oil futures were almost 5% higher than Tuesday's lows. 

"Based on the fact that the Government of Iran is seriously fractured, not unexpectedly so and, upon the request of Field Marshal Asim Munir, and Prime Minister Shehbaz Sharif, of Pakistan, we have been asked to hold our Attack on the Country of Iran until such time as their leaders and representatives can come up with a unified proposal," Trump said in a social media post on Truth Social.

On Tuesday, all major indices on Wall Street had closed in the red for the second consecutive session as a peace deal between the US and Iran remained evasive. Among some key movers, Apple was in focus after the company said John Ternus will be its new chief executive officer. Shares of the iPhone maker fell 2.5% following the announcement. 

On the macroeconomc front, US retail sales were higher than expected in March, up 1.7% on a monthly basis and 4% on an annual basis. This was driven by an increase in gasoline prices. There was a record surge in receipts at service stations, Reuters reported. The agency had estimated retail sales to rise 1.4% on month in March.

Following are the closing levels of US indices on Tuesday:

(Ruchira Kagita)

US$1 = INR 93.67

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Ashish Shirke

All prices from National Stock Exchange, unless otherwise specified.

All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.

All times are Indian Standard Time.

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