HCLTech stock hits 52-week high after bagging two multiyear deals with Elders, Siemens AG

The shares of IT services major HCL Technologies touched a new 52-week high of Rs 1,255.90 apiece on Thursday, up by 1.6 per cent in the intraday trade, after it said that it has been selected by Elders, an Australian firm working in the agricultural sector, to accelerate digital transformation across its business operations.

Shares of HCL Tech have seen an uptick for the past eight sessions, gaining 9.54 per cent in this period.

The company also announced that it has signed a multi-year managed public cloud services agreement with German technology and high-tech industry giant Siemens AG to modernise its IT landscape worldwide and power cloud-led digital transformation. The size of the contract was not disclosed.

As part of the multiyear deal, HCLTech will migrate and operate Siemens’ infrastructure on AWS and Azure, while ensuring that its cloud resources are optimised, secure and scalable at the same time so that the company can focus on its core business.

Anne Hadler, Head of IT Governance and Cross Functional Services at Siemens AG, expressed her optimism regarding the partnership. She said, “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.”

Germany holds a pivotal role in HCLTech's strategic market growth. This collaboration with Siemens AG serves as a testament to their continued commitment to expanding their footprint in the region.

In a statement Ashish K Gupta, Chief Growth Officer, Europe and Africa, Diversified Industries, HCLTech, said, “Germany is a strategic market for HCLTech, 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.”

HCLTech has bagged multiple big-ticket deal wins in the past few months. Its deal with telecom player Verizon for $2.1 billion is one of the biggest of these.

In August, Verizon Business selected HCL Tech as its primary partner for managed network services (MNS) in a substantial $2.1 billion agreement covering a six-year period. This significant contract marked HCLTech's largest deal since its $1.3 billion contract renewal with Xerox in 2019.

During the same month, HCL Tech also secured a new contract to bolster Cricket Australia's digital platform through the integration of automation and artificial intelligence (AI), aimed at enhancing and providing support for their digital operations.

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Also read: HCLTech bags multiyear deal with Australian agri player Elders