HCL Technologies gains on forming strategic partnership with CSC

HCL Technologies is currently trading at Rs. 1372.20, up by 36.80 points or 2.76% from its previous closing of Rs. 1335.40 on the BSE.

The scrip opened at Rs. 1350.10 and has touched a high and low of Rs. 1377.75 and Rs. 1342.00 respectively. So far 61,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1377.75 on 16-Jan-2014 and a 52 week low of Rs. 652.60 on 11-Feb-2013.

Last one week high and low of the scrip stood at Rs. 1377.75 and Rs. 1296.40 respectively. The current market cap of the company is Rs. 95,547.00 crore.

The promoters holding in the company stood at 61.84% while Institutions and Non-Institutions held 31.71% and 6.45% respectively.

HCL Technologies, a leading global IT services provider, has formed a strategic partnership with CSC, a global leader in next-generation IT services and solutions, to address the substantial market opportunity created by the need for enterprise clients to modernize their applications and transition to the cloud. HCL and CSC will create a world-class application modernization delivery network to enable enterprises to shift from legacy technologies to a cloud-enabled platform. The first delivery centers will be launched in Bangalore and Chennai. These delivery centers will lower the risks and costs for clients transitioning to the cloud.

The joint application modernization offering will be enhanced with vertical specific initiatives starting with Banking & Financial services through the creation of a banking center of excellence. The partnership will be standardizing the delivery of modernized applications and enable them to be brokered onto any cloud environment, using platforms such as CSC's ServiceMesh. According to Gartner's 2014 Market Forecast for IT Services the addressable market for applications services is $210 billion in 2014. The strategic partnership addresses what we believe to be one of the fastest growing segments of the applications services market.

CSC's next-gen technology solutions coupled with the technology consulting, systems integration and global delivery capabilities of HCL will offer a new value proposition in the market. This value proposition will create a roadmap for bringing legacy products into next gen solutions and execution excellence leading to an optimized business case for application modernization for customers.