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This IT Stock jumped 3% in Thursday’s trading session and reached its 52- week high in no time after signing an agreement with German Technology and manufacturing company Siemens (NS:SIEM). The stock saw a strong movement in the market today.
Share price of HCL Tech opened at Rs. 1238 levels and gained nearly 2% to reach its 52- week high of Rs. 1255.90 per share. The stock has given a return of 32.74% in the last year and 71.08% in the last three years.
On 7 September 2023, Siemens and HCL Tech signed a multi-year managed public cloud services agreement. HCL will work on automating the public cloud environment for Siemens along with migrating and operating its infrastructure on AWS and Azure. HCL is required to optimise the cloud resources and ensure its stability and other factors. The company is working on transforming Siemens digitally through power cloud and to modernise its IT landscape in general.
“In HCLTech, 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 maximise business value from our cloud transformation initiatives,” said Anne Hadler, Head of IT Governance and Cross Functional Services of Siemens in the report.
The company has a market capitalization of Rs. 3,35,327 crore. Comparing its financials on a QoQ basis, the company has recorded some reduction in this quarter. A revenue of Rs. 26,606 crore in Q4FY23 decreased by this much% to Rs. 26,296 crore in Q1FY24. Its net profit which was Rs. 3,983 crore in Q4FY23 reduced by this much% to Rs. 3,534 crore in Q1FY24.
HCL Technologies (NS:HCLT) is a global information technology company based in India which was established in the year of 1991. It offers technology solutions for digital, cloud, engineering and AI. The company has clients in various sectors such as Manufacturing, Healthcare, Technology, Media, Retail, and many more.
Written by Bhumika Khandelwal
The post IT stock jumps 3% after signing a multi year agreement with industry giant Siemens appeared first on Trade Brains.
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