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Business News/ Markets / Stock Markets/  HCL Technologies share price hits 52-week high on multiyear cloud services agreement with Siemens

HCL Technologies share price hits 52-week high on multiyear cloud services agreement with Siemens

HCL Tech's share price reaches 52-week high after signing multiyear cloud services agreement with Siemens AG.

HCL Technologies share price closed at 1,255 apiece on BSE, 1.56% higher.

HCL Technologies share price today touched 52-week high after following the signing of a multiyear Managed Public Cloud Services agreement with German technology and high-tech industry behemoth Siemens AG. HCL Technologies share price closed at 1,255 apiece on BSE, 1.56% higher.

In an exchange filing, the company stated that through this partnership it would update information technology (IT) landscape globally and drive cloud-led digital transformation.

In accordance with the filing, the company would concentrate on automating the public cloud environment while upholding Siemens' strict security guidelines. Siemens' infrastructure will be moved to and operated by HCL Tech on AWS and Azure, and the company will be able to concentrate on its core business while making ensuring its cloud resources are optimised, safe, and scalable.

HCL Tech has been chosen as one of the top international providers of services for horizontal IT infrastructure.

“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.

According to Ashish K Gupta, Chief Growth Officer, Europe and Africa, Diversified Industries, HCL Tech, 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.

“With HCL Tech’s CloudSMART solutions, Siemens AG will offer its internal stakeholders a consistent digital experience," added Gupta.

On the technical front, as per trendlyne, HCL Tech stock price rose 33.3% and outperformed its sector by 13.5% in the past year.

According to Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One, HCL Technologies stock prices are in strong traction almost hitting fresh new high around 1260. this has been one of the top performer in the Heavyweight IT space. Expect this upmove to continue with 1,300 to be seen as next level. buy on dip should be the approache with 1,220 as immediae support.

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