HCL Technologies gains on signing deal with Volvo Group

HCL Technologies is currently trading at Rs 827.75, up by 6.00 points or 0.73% from its previous closing of Rs 821.75 on the BSE.

The scrip opened at Rs. 827.90 and has touched a high and low of Rs. 834.95 and Rs. 824.10 respectively. So far 21087 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1058.20 on 11-Mar-2015 and a 52 week low of Rs. 785.85 on 12-Feb-2016.

Last one week high and low of the scrip stood at Rs. 837.50 and Rs. 785.85 respectively. The current market cap of the company is Rs. 116742.31 crore.

The promoters holding in the company stood at 60.42%, while Institutions and Non-Institutions held 33.02% and 6.55% respectively.

HCL Technologies (HCL) a leading global IT services provider, has signed a significant IT outsourcing deal with the Volvo Group, one of the world’s leading manufacturers of commercial vehicles and the customers of its external IT business. HCL also acquired Volvo’s external IT business, adding 40 new customers from the Nordics and France to its portfolio, further enhancing its market leading position in these regions. Approximately 2,500 highly skilled people working for the Volvo Group will transfer to HCL across 11 countries. The deal is one of the largest IT deals signed by any Indian IT company, and a first in the industry to use principles of Vested Sourcing as the basis of the relationship for an IT outsourcing engagement of this size and magnitude

According to the agreement, which follows a Letter Of Intent to this effect announced by Volvo Group in October 2015, HCL will use its 21st Century Enterprise Framework to deliver on a technology transformation roadmap for optimising Volvo Group’s infrastructure and application operations; making it ready for the rapid advancements in business enabling technology such as cloud, automation, business intelligence and big data. As part of this roadmap, HCL will also provide over 65,000 Volvo end users with access to productivity and user enablement solutions, such as Microsoft Office 365.

With this engagement, HCL will become the largest IT services provider of Indian origin in the Nordics. It will build on this exceptional position and accelerate through cutting edge initiatives, such as the Centre of Excellence in Gothenburg, to deepen its relationships and further integrate with clients, helping them to achieve their IT transformation ambitions and vision in the region.