Shares of HCL Technologies climbed about 2 percent to hit a 52-week high of Rs 820.75 on September 18.
In a media release on September 16, HCL Technologies and Google Cloud announced the expansion of their strategic partnership to bring HCL’s Actian portfolio, starting with Actian Avalanche, to Google Cloud.
"Actian Avalanche is a high-performance hybrid cloud data warehouse designed to power an enterprise’s most demanding operational analytics workloads. Actian Avalanche enables a seamless path to migrate legacy data warehouses, including IBM Netezza and Oracle Exadata, to Google Cloud, through a hybrid-cloud offering leveraging Google Cloud’s Anthos application platform," the company informed.
"This latest announcement from HCL and Google Cloud expands a deep and growing partnership between the two companies to help organizations digitally transform," HCL said.
This latest announcement from HCL and Google Cloud build on the partnership between the two firms as HCL and Google Cloud had earlier announced the launch of HCL’s Google Cloud Ecosystem to accelerate enterprise cloud adoption worldwide in 2019.
Jyoti Roy, DVP- Equity Strategist, Angel Broking is positive on the stock's growth prospects.
"We continue to maintain our positive outlook on HCL Tech as the announcement reflects the company's leadership position in the cloud migration space. We believe that HCL will be the biggest beneficiary of migration from public cloud to hybrid cloud driven by a strong presence in the Infrastructure management business," Roy said.
Angel Broking has a buy rating on the stock with a revised target price of Rs 945.
According to Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities, Rs 780 should be the trend decider level for the bulls.
"On the daily as well as weekly charts, the stock has formed a breakout continuation pattern which is grossly positive for the HCL Technologies. However, on the weekly time frame, momentum indicators indicate that the stock is in an overbought zone and there are high chances of quick short-term price correction is not ruled out if the stock trades below Rs 780," he said.
"If the stock sustains above Rs 780 then we can expect a continuation of the uptrend up to Rs 850-880 levels. On the flip side, dismissal of Rs 780 could possibly trigger a quick short-term correction up to Rs 700."Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.