Why HCL Technologies share hit all-time high today

HCL Technologies share touched its all-time high today after the IT firm said it expanded partnership with Google Cloud to bring HCL's Actian portfolio, starting with ActianAvalanche, to Google Cloud. HCL Tech stock has gained after 2 days of consecutive fall.

Earlier, the  stock opened at Rs 796.90 against previous close of Rs 789.35 on BSE. The IT stock touched an all-time high of Rs 817.8, rising up to 3.56%.

HCL Technologies share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has risen 52.23% in one year and gained 41.49% since the beginning of this year.

The IT stock has climbed over 11% in a month and week. Market cap of the IT player rose to Rs 2.18 lakh crore.

HCL Tech expects better Q2 revenue than previous forecast

Total 2.79 lakh HCL Tech shares changed hands amounting to turnover of Rs 22.57 crore on BSE.

"HCL Technologies (HCL), a leading global technology company, and Google Cloudtoday announced the expansion of their strategic partnership to bring HCL's Actian portfolio, starting with ActianAvalanche, to Google Cloud. Actian Avalanche is a high-performance hybrid cloud data warehouse designed to power an enterprise's most demanding operational analytics workloads. Actian Avalanche enables a seamless path to migrate legacy data warehouses, including IBM Netezza and Oracle  Exadata,to  Google  Cloud,  through  a  hybrid-cloud offering leveraging Google Cloud's Anthos application platform, "the Indian IT firm said.

On September 14, the stock hit all time high of Rs 807.8, rising up to 12.03% after the IT player raised its outlook for the quarter ending September 2020 in a  mid quarter  update.

"We expect the revenue and the operating margin for the current quarter (September'20) to be meaningfully better than the top end of the guidance we had provided in July'2020. We have seen strong execution during the quarter to date, and continue to execute to the plan this month," the firm said in a communication to bourses.

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By Aseem Thapliyal