HCL Technologies shares hit 52-week high after winning multi-year deal from Siemens

Shares of HCL Technologies Ltd hit a fresh 52 week high today after the IT firm said it has signed a multiyear Managed Public Cloud Services agreement with German technology and high-tech industry giant Siemens AG. The agreement will lead to modernisation of its IT landscape worldwide and power cloud-led digital transformation.

HCL Technologies stock gained 1.70% to a high of Rs 1256.80 against the previous close of Rs 1235.70 on BSE. The stock opened higher at Rs 1236.05 against the previous close of Rs 1235.70 on BSE. Total 0.51 lakh shares of the firm changed hands amounting to a turnover of Rs 6.40 crore on BSE. Market cap of the firm climbed to Rs 3.40 lakh crore.

In terms of technicals, the relative strength index (RSI) of the stock stands at 72.4, signaling the stock is trading in the overbought zone. HCL Technologies stock has a one-year beta of 0.9, indicating low volatility during the period. HCL Technologies shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

HCL Technologies stock has gained 34.69 per cent in one year and risen 20.77 per cent since the beginning of this year. In a month, the stock has gained 9 per cent.

HCL Tech will focus on automating the public cloud environment while adhering to Siemens’ high security standards. HCL Tech will migrate and operate Siemens’ infrastructure on AWS and Azure and ensure its cloud resources are optimised, secure and scalable, allowing the company to focus on its core business. HCL Tech has been selected as one of the preferred global suppliers in horizontal IT infrastructure services.

“In HCL Tech, we found a partner who can help us innovate and scale effortlessly on a strong cloud foundation, strengthen our agility and competitiveness and help us maximize business value from our cloud transformation initiatives,” said Anne Hadler, Head of IT Governance and Cross Functional Services, Siemens AG.

“Germany is a strategic market for HCL Tech and our engagement with Siemens is testament to our continued growth in the region. We are excited to be partnering with Siemens and powering its cloud transformation with our Managed Public Cloud Services,” said Ashish K Gupta, Chief Growth Officer, Europe and Africa, Diversified Industries, HCL Tech.

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