HCL Tech share price hits all-time high on tie-up with Google Cloud; more than doubles since March

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Updated: Sep 17, 2020 10:17 AM

HCL Technologies and Google Cloud announced the expansion of their strategic partnership to bring HCL’s Actian portfolio, starting with Actian Avalanche, to Google Cloud.

HCL Tech,HCL Tech hit a fresh 52-week high of Rs 910.75 apiece in Wednesday's session, since then the stock has tumbled over 10 per cent.

HCL Technologies share price hit a fresh 52-week high of Rs 817.45 apiece, gaining 3.5 per cent in an otherwise weak market on Thursday. The stock surpassed its previous all-time high of Rs 809.85 apiece touched earlier this week. The total market capitalisation of the IT bellwether stood at Rs 2.20 lakh crore at the time of writing. Yesterday, HCL Technologies and Google Cloud announced the expansion of their strategic partnership to bring HCL’s Actian portfolio, starting with Actian Avalanche, to Google Cloud. The company in a press release informed that Actian Avalanche is a high-performance hybrid cloud data warehouse designed to power an enterprise’s most demanding operational analytics workloads. “We believe better services mix and better suit of products in this uncertainty will help HCL Tech to get higher momentum as compared to its peers,” Axis Securities said in its report maintaining a ‘buy’ rating to it.

So far this month, HCL Technologies shares have rallied 18.39 till today’s high. In comparison, S&P BSE Sensex gained just 0.78 per cent. HCL’s Actian Avalanche hybrid cloud data warehouse has been deployed by Fortune 500 customers to deliver powerful insights to manage business complexities for a variety of use cases, including fraud detection, real-time offers and market basket analysis. HCL’s Actian Avalanche hybrid cloud data warehouse has been deployed by Fortune 500 customers to deliver powerful insights to manage business complexities for a variety of use cases, including fraud detection, real-time offers and market basket analysis.

In the wake of the coronavirus pandemic, HCL Technologies share price plunged to Rs 375.50 hitting a 52-week low. Since then, it has more than doubled the investors’ money, surging a massive 117.7 per cent. Earlier this week, in a mid quarter update, HCL Tech informed that it has seen a strong execution during the quarter to date, and continues to execute the plan this month. The company said that the revenue growth for the current quarter is expected to exceed 3.5 per cent sequentially in constant currency.

At 10 AM, HCL Technologies shares were trading 2.74 per cent higher at Rs 810.75 apiece, as compared to a 0.26 per cent fall in the BSE Sensex.

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