HCL Tech Share Price More Than Doubles Since March After Tie-up with Google Cloud

HCL Technologies share price reached a new high of Rs 817.50 today, a day after the company and Google Cloud announced that they were expanding their strategic partnership. HCL’s share price gained 3.5 per cent today, hitting the 52-week high. The stock price was hovering around Rs 802 at 12.39 pm on the NSE.

Earlier this week, HCL stock price touched a high of Rs 809.85. The company’s total market capitalisation reached at around Rs 2.20 lakh crore, reported Financial Express.

https://www.financialexpress.com/market/hcl-tech-share-price-hits-all-time-high-on-tie-up-with-google-cloud-more-than-doubles-since-march/2085339/

Following the outbreak of the novel coronavirus, the IT company’s share price hit a 52-week low of Rs 375.50. Since arriving at that mark, the stock price has increased over 111 per cent, more than doubling investor’s money.

HCL has presented a positive forecast for its revenue growth in the current quarter, saying that it is likely to cross 3.5 per cent sequentially in constant currency.

The expansion of the strategic partnership will bring HCL’s Actian portfolio, starting with Actian Avalanche, to Google Cloud.

HCL, in a press release, said, “Actian Avalanche is a high-performance hybrid cloud data warehouse designed to power an enterprise’s most demanding operational analytics workloads.”

Actian Avalanche allows a seamless pathway to migrate legacy data warehouses through an application platform to Google Cloud. The data warehouse includes IBM Netezza and Oracle Exadata.

Fortune 500 customers have deployed the high-performance hybrid cloud data warehouse to manage business complexities, fraud detection, real-time offers and market basket analysis.

HCL’s Actian Avalanche delivers a fully managed service which is designed to provide breakthrough performance, scale and concurrency for data-driven enterprises.

It has native integration with Google Cloud’s Looker business intelligence and analytics platform. Actian Avalanche also features hundreds of popular SaaS and enterprise applications to offer comprehensive solution that can be easily brought into work.

Actian’s chief product officer Raghu Chakravarthi stated that the tie-up will let customers gain real-time insights at a significantly lower Total Cost of Ownership. He added that they are excited about this new partnership.