HCL Technologies shares gain on expansion of tie-up with Google Cloud

The share touched a 52-week high of Rs 1,156.80 on February 3, 2023 and a 52-week low of Rs 875.65 on August 29, 2022

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HCL Technologies was trading higher on June 15 morning after the IT services firm expanded its strategic partnership with Google Cloud to develop generative artificial intelligence (AI) solutions.

HCL Technologies and Google Cloud announced the expansion of their strategic partnership to help enterprises leverage generative artificial intelligence and develop joint solutions, the company said in its release.

“Generative AI will usher in a new era of innovation across industries. This presents an opportunity for enterprises to double down on digital transformation. I am excited about expanding our partnership with Google Cloud to help enterprises accelerate responsible adoption of GenAI,” HCL’s chief technology officer Kalyan Kumar said.

Generative AI push

HCL is using Google Cloud’s large language models (LLMs) to develop generative AI capabilities for its clients across three core domains of industries, enterprise functions, innovation and technology modernisation.

Its AI platforms and solutions will utilise Google Cloud’s full suite of enterprise generative AI products and services, including Vertex AI, Generative AI Studio, Model Garden and Generative AI App Builder, along with the underlying LLMs that power these Google Cloud AI innovations.

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HCL Tech will establish a Google Cloud Generative AI Center of Excellence (GenAI CoE) to develop joint solutions that will enable clients to unlock the value of data and realize the full potential of generative AI, the company said.

Earlier this month, the HCL launched a test lab in Chennai to enable global telecom infrastructure original equipment manufacturers (OEMs) to test and validate 5G solutions.

Foreign research firm Citi has a “neutral” rating on the stock and a target price of Rs 1,035 a share. According to Citi, the company sees four big significant potential service opportunities in the field of Generative AI —prompt engineering, data engineering, integration & orchestration and responsible AI.

The company has partnered with an AI ecosystem and working on solutions with more than 150 use cases. The company will infuse and leverage generative AI within its HCL software business, Citi added.

At 9.30 am HCL Technologies was quoting at Rs 1,143.85, up Rs 8.15, or 0.72 percent, on the BSE.

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