HCL Tech hits 52-week high after bagging multi-year deal from Siemens

HCL Tech will focus on automating the public cloud environment while adhering to Siemens’ high security standards, it said in an exchange filing

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Shares of HCL Technologies hit their 52-week high of Rs 1,255.80 on September 7 after the company said it has signed a multi-year managed public cloud services agreement with German technology and high-tech industry giant Siemens AG.

At 12.30 pm, shares of HCL Technologies were trading 1.20 percent up at Rs 1,250.50 on the BSE.

HCL Tech will focus on automating the public cloud environment while adhering to Siemens’ high security standards, it said in an exchange filing on September 7.

“HCLTech will migrate and operate Siemens’ infrastructure on AWS and Azure and ensure its cloud resources are optimized, secure and scalable, allowing the company to focus on its core business,” it added.

HCL Tech has been selected as one of the preferred global suppliers in horizontal IT infrastructure services.

The size of the deal was not disclosed.

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This was the second deal announcement by the company in two days.

On September 6, HCL Tech said it has been selected by Elders, a leading Australian agribusiness, to accelerate digital transformation across the latter’s business operations.

Under the multi-year IT services partnership, HCL Tech will provide cutting-edge managed IT services and a diverse portfolio of IT capabilities to Elders, including the ability to harness HCL’s AI offerings and other industry-leading opportunities.

HCL Tech will also be responsible for application development and management, digital workplace capabilities, infrastructure, cybersecurity and data management for Elders, it had said.

Shares of HCL Technologies are up 20 percent on YTD basis, while the 1-year return stands at 34 percent.

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