Stocks to buy today, 30 July 2024: HFCL (₹129.80): BUY - HFCL share price can rise to ₹140-₹142

Stock to Buy Today: 30 July 2024 - HFCL (₹129.80): BUY

Here’s an interesting stock idea: The stock idea that we have for you today is HFCL. This stock has been moving up very well over the last one week. It has risen over 5 per cent on Monday and has closed on a strong note. The stock is set to rise more in the coming days.

Today’s Stock Recommendation: July 30, 2024

HFCL consolidated net profit rises 63.46% in the June 2024 quarter

Domestic telecom equipment maker HFCL Ltd on Tuesday reported a 46.4 per cent year-on-year rise in consolidated net profit for the June quarter to Rs 111 crore.

HFCL Q1 result: Net profit up 46.4% at Rs 111 cr as internet demand rises

Revenue increased by 16% year-on-year for the three months ended June, reaching Rs 1,158 crore.

HFCL Q1 Results: Profit Rises 46%, Revenue Up 16%

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The Union Budget 2024-25 increased customs duty on specified telecom equipment to 15%, causing significant stock declines and a 497.22-point drop in Sensex. HFCL, Vodafone Idea, and others dipped, while Kavveri Telecom, Shyam Telecom, and Indus Towers gained. Critical minerals were exempt to help strategic sectors.

Telecom infra stocks plunge as govt hikes import duty by 5 pc on telecom gear

The short-term outlook for HFCL appears bullish, with the stock showing a 15% surge last week and strong support at the ₹120-118 region.

Stock to buy today: HFCL (₹130.05): BUY

The stock rose as much 9.37% during the day to Rs 129 apiece on the NSE.

HFCL Hits Two-Decade High After Relief In European Anti-Dumping Duties

HFCL has operated in Europe for over a decade, maintaining long-term relationships with leading telcos and ISPs in many European countries.

HFCL Granted Exemption From European Anti-Dumping Duties On Optical Fibre Cables

HFCL’s products have been preferred by European telecom operators, as they meet the quality, reliability and safety standards, are commercially viable, and guarantee a sustainable supply for the construction of Europe’s
telecom infrastructure. The Company has been operating in Europe for over a dec…

European Commission exempts HFCL from anti-dumping duties

Price return has been average, nothing exciting

Performance

Seems to be overvalued vs the market average

Valuation

Lagging behind the market in financials growth

Growth

Showing good signs of profitability & efficiency

Profitability

The stock is overpriced but is not in the overbought zone

Current price is more than the intrinsic value

Fundamentals

Good time to consider, stock is not in the overbought zone

Technicals

Entry point

The stock has a moderate number of red flags

Promoter pledged holding

Unsolicited messages

Default probability

Red flags

Himachal Futuristic Communications Limited (HFCL) is a telecom company. The Company is a telecom infrastructure developer, system integrator, and manufacturer of telecom equipment and optical fiber cables.

HFCL Ltd