Karvy Stock Broking has downgraded its rating on HCL Technologies from outperformer to underperformer with a target of Rs 160 in its September 30, 2008 research report. "HCL Technologies announced that it would make a “cash offer” for acquiring Axon Group plc (UK based SAP consulting company). Under the terms of the offer, existing Axon shareholders would receive 650pence in cash for each Axon share, thus valuing the entire issued and to be issued share capital of Axon at approximately UKP441.1mn, which in US$ terms works out to 794 million (translating into Rs 36.5 billion). We downgrade the stock to Underperformer from a outperformer rating, with a price target of Rs 160," says Karvy Stock Broking's research report
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