HFCL’s AI, data centre exposure drives Nuvama’s Buy call; target implies 56% upside

October 16, 2026

Nuvama has initiated coverage on HFCL with a ‘Buy’ rating and a target price of Rs 380, implying a 56% upside from its reference price of Rs 244. The brokerage expects the company’s shift towards telecom and networking products, along with rising demand from data centres and exports, to drive earnings growth.

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