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HCL Tech shares hit new 52-week high on 5-year deal with MKS Instruments Inc

HCL Tech shares hit new 52-week high on 5-year deal with MKS Instruments Inc
September 21
11:04 2021

HCL has signed a digital transformation deal with MKS Instruments Inc, a global provider of instruments, systems, and solutions for advanced manufacturing processes, to improve performance and productivity

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HCL Technologies’ share price added close to 2 percent in the morning session on September 21, hitting a new 52-week high of Rs 1,315.10. The stock was trading at Rs 1,294.40, up Rs 19.05, or 1.49 percent.

The IT major has signed a five-year digital transformation deal with MKS Instruments Inc, a global provider of instruments, systems, subsystems and solutions for advanced manufacturing processes, to improve performance, productivity and speed to market, the company said in an exchange filing.

“HCL will drive digital and cloud-enabled transformation for MKS Instruments through AI/ML-led automation, enhanced user experience with end-to-end Infrastructure services, digital workplace services and IT transformation,” it added.

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The stock has been in the focus after the company last week signed a strategic partnership with South Korean firm HANCOM for tech solutions. HCL Technologies and HANCOM Inc signed a strategic partnership to share advanced software technology solutions and establish a mutual bridgehead for overseas expansion.

HCL will support training for software development at HANCOM’s R&D center in India. HCL will also share its development studio and provide HR support to meet demand and development capacity at the R&D center, the company said in an exchange filing.

“Prices went through descent price and time-wise correction since January 12, 2021, and recently it has broken out from the long-term consolidation formation on August 5,” said Jignesh Pandya, senior research analyst at Monarch Networth Capital.

“Momentum oscillator relative strength index (RSI) is continuously sustaining above 70 level, indicating a positive build-up in momentum, which will transform into a positive price action for the stock,” he said.

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